Apart from some small deposits of crude oil and natural gas that provide about one-third of the island’s energy needs, Barbados has few natural resources. Sustained exploitation of the climate and beaches for their tourist potential has been the most impressive feature of ongoing economic activity. An abundant population, which provides a ready labour source, may also be considered one of the island’s resources. The population working abroad has made significant contributions to the economy through remittances.
Apart from some quarrying of clay, limestone, and sand, the mining industry is limited to oil and natural gas production. Manufacturing, stimulated by government incentives, was one of the main growth areas of the economy; however, beginning in the later 20th century, this trend was reversed as a result of globalization and trade liberalization that increased the competition from cheaper imports.
[Credits : Encyclopædia Britannica, Inc.]
Palm-trees-by-the-ocean-BarbadosPalm trees by the ocean, Barbados.[Credits : © Digital Vision/Getty Images]
[Credits : Encyclopædia Britannica, Inc.]
[Credits : Encyclopædia Britannica, Inc.]
Souvenir-market-stall-BarbadosSouvenir market stall, Barbados.[Credits : © Sylvain Grandadam—Robert Harding World Imagery/Getty Images]
[Credits : Encyclopædia Britannica, Inc.]
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