GDPs of Countries in the Caribbean

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Comparisons of national wealth are frequently made on the basis of nominal GDP and savings (not just income), which do not reflect differences in the cost of living in different countries. Hence, using a Purchasing Power Parity (PPP) basis is arguably more useful when comparing generalized differences in living standards between nations because PPP takes into account the relative cost of living and the inflation rates of the countries, rather than using only exchange rates, which may distort the real differences in income.





 

This is why GDP (PPP) per capita is often considered one of the indicators of a country’s standard of living although this can be problematic because GDP per capita is not a measure of personal income. It should be noted that Aruba is not considered to be a sovereign state. Rather, Aruba is a constituent country of the Kingdom of the Netherlands in the southern Caribbean Sea, located about 1,600 kilometres west of the main part of the Lesser Antilles and 29 kilometres north of the coast of Venezuela. Therefore when viewing world listings, Aruba would not be numerically ranked.

 

Therefore while not perfect, Gross Domestic Product per capita, is one measure is to look at a given country’s wealth. It is an acceptable indicator of the general standard of living in the country, as of course high concentrations of wealth in the hands of a smaller number of people can skew the data.

 

Country Population (2014)
Aruba 103,400
The Bahamas 383,100
Trinidad and Tobago 1,354,000

 

So below is compiled a list of Caribbean countries using data from the last four years from the World Bank’s data center, listed in US dollar equivalents. Also to be noted is that countries with smaller populations tend to shew the data as well. Aruba, with a GDP per capita of $23,353, comes in first, followed by the Bahamas at $22,217 and Trinidad and Tobago at 21,323.

 





See the full rankings in the data table below:

 

Country  GDP Per Capita (US$)
 Aruba  $23,353
 Bahamas  $22,217
 Trinidad and Tobago  $21,323
 St Kitts and Nevis  $15,510
 Barbados  $15,366
 Antigua and Barbuda  $13,432
 Suriname  $9,680
 Grenada  $8,573
 St Lucia  $7,647
 Dominica  $7,244
 Cuba  $6,789
 St Vincent and the Grenadines  $6,668
 Dominican Republic  $6,163
 Jamaica  $5,106
 Belize  $4,831
Guyana  $4,054
 Haiti  $824

 

T&T at this point really needs to get alternative industries on stream quickly, in the face of low energy prices and lower outputs from its fields and refineries. For this year, unfortunately T&T’s GDP is expected to decline.

 

Sources: Caribbean Journal  

World Bank

Contacts:
Posted by: Trini 2D Bone on