Taxes on incomes of individuals and corporations as share of GDP in Barbados
Barbados: Taxes on incomes of individuals and corporations as share of GDP was 7.1% in 2023. ▬ Flat
Latest (2023)
7.1%
Change on year
down 5.5%
World rank
77th
of 184 countries
All-time high
9.4%
in 2001
All-time low
5.4%
in 1988
Years of data
43
1981–2023
Taxes on incomes of individuals and corporations as share of GDP in Barbados, 1981–2023
Source: UNU-WIDER Government Revenue Dataset (2025) – with major processing by Our World in Data. Measured in %.
Analysis
In 2023, taxes on incomes of individuals and corporations as share of gdp in Barbados stood at 7.1%.
The figure is down 5.5% on the previous year and up 18.8% over ten years.
Over the whole period, taxes on incomes of individuals and corporations as share of gdp in Barbados peaked at 9.4% in 2001 and was at its lowest, 5.4%, in 1988.
That places Barbados 77th out of 184 countries with data for 2023, putting it in the middle of the range.
Taxes on incomes of individuals and corporations as share of GDP in Barbados, year by year
| Year | % | Change |
|---|---|---|
| 1981 | 7.1% | — |
| 1982 | 7.1% | +0.0% |
| 1983 | 8.4% | +17.7% |
| 1984 | 7.7% | -7.5% |
| 1985 | 7.4% | -4.8% |
| 1986 | 7.1% | -3.2% |
| 1987 | 5.7% | -20.6% |
| 1988 | 5.4% | -5.2% |
| 1989 | 7.1% | +31.8% |
| 1990 | 7.8% | +11.0% |
| 1991 | 8.0% | +2.1% |
| 1992 | 9.3% | +16.2% |
| 1993 | 8.6% | -7.5% |
| 1994 | 7.8% | -9.3% |
| 1995 | 7.2% | -8.2% |
| 1996 | 7.5% | +4.7% |
| 1997 | 7.6% | +1.3% |
| 1998 | 7.3% | -4.2% |
| 1999 | 7.6% | +4.1% |
| 2000 | 8.2% | +7.8% |
| 2001 | 9.4% | +14.6% |
| 2002 | 8.9% | -4.9% |
| 2003 | 8.7% | -2.5% |
| 2004 | 7.9% | -8.6% |
| 2005 | 8.6% | +7.8% |
| 2006 | 8.7% | +1.5% |
| 2007 | 8.9% | +2.1% |
| 2008 | 8.3% | -6.4% |
| 2009 | 8.1% | -2.9% |
| 2010 | 7.4% | -8.0% |
| 2011 | 7.3% | -1.9% |
| 2012 | 7.1% | -2.1% |
| 2013 | 6.0% | -16.0% |
| 2014 | 6.5% | +7.8% |
| 2015 | 7.1% | +10.2% |
| 2016 | 8.1% | +13.5% |
| 2017 | 6.8% | -15.6% |
| 2018 | 7.4% | +9.2% |
| 2019 | 6.6% | -11.3% |
| 2020 | 8.9% | +35.0% |
| 2021 | 7.9% | -11.2% |
| 2022 | 7.5% | -4.9% |
| 2023 | 7.1% | -5.5% |
Barbados compared with similar countries
- Barbados's 7.1% is below the median for high income countries, which is 10.0%, 71% of the median. (63 countries reporting)
- Barbados's 7.1% is above the median for Latin America & Caribbean, which is 5.8%, 1.2× the median. (32 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1980s | 7.0% | 5.4% | 8.4% | 9 |
| 1990s | 7.9% | 7.2% | 9.3% | 10 |
| 2000s | 8.6% | 7.9% | 9.4% | 10 |
| 2010s | 7.0% | 6.0% | 8.1% | 10 |
| 2020s | 7.9% | 7.1% | 8.9% | 4 |
Countries ranked near Barbados
More economy & growth data for Barbados
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.99 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 2 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 18.57 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0024 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 65.74 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 303.06 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 34.75 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0399 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 1,073 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate 2.97 % change on previous year (2024)
Frequently asked questions
- What is taxes on incomes of individuals and corporations as share of gdp in Barbados?
- Taxes on incomes of individuals and corporations as share of gdp in Barbados was 7.1% in 2023, according to UNU-WIDER Government Revenue Dataset (2025) – with major processing by Our World in Data.
- What is the highest taxes on incomes of individuals and corporations as share of gdp recorded in Barbados?
- The highest recorded value was 9.4% in 2001.
- What is the lowest taxes on incomes of individuals and corporations as share of gdp recorded in Barbados?
- The lowest recorded value was 5.4% in 1988.
- How does Barbados rank for taxes on incomes of individuals and corporations as share of gdp?
- Barbados ranks 77th out of 184 countries with data for 2023.
- Is taxes on incomes of individuals and corporations as share of gdp rising or falling in Barbados?
- Over the last ten years it is up 18.8%. The long-run trend across the full record is flat.
- Where does this Barbados data come from?
- The figures come from UNU-WIDER Government Revenue Dataset (2025) – with major processing by Our World in Data, published as part of Taxes on incomes of individuals and corporations as share of GDP. Statizoid updates them automatically from the source API.
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About this data
Tax revenue on incomes, profits and capital gains divided by gross domestic product, expressed as a percentage.