The island was uninhabited when first settled by the British in 1627.
Its economy remained heavily dependent on sugar, rum, and molasses production
through most of the 20th century. In the 1990s, tourism and manufacturing
surpassed the sugar industry in economic importance. .
Economy
Historically, the Barbadian economy had been dependent on sugarcane cultivation
and related activities, but production in recent years has diversified
into manufacturing and tourism.
The start of the Port Charles Marina project in Speightstown helped the
tourism industry continue to expand in 1996-2000.
Offshore finance and information services are important foreign exchange
earners, and there is also a light manufacturing sector. The government
continues its efforts to reduce unemployment, encourage direct foreign
investment, and privatize remaining state-owned enterprises. Growth should
remain steady in 2001, with new tourist facilities a plus factor.
