Flag of Bahamas, The

Bahamas, The Economy Profile

Home > Factbook > Countries > Bahamas, The

Economy - overview
The Bahamas has the second highest per capita GDP in the English-speaking Caribbean with an economy heavily dependent on tourism and financial services. Tourism accounts for approximately 50% of GDP and directly or indirectly employs half of the archipelago's labor force. Financial services constitute the second-most important sector of the Bahamian economy, accounting for about 15% of GDP. Manufacturing and agriculture combined contribute less than 7% of GDP and show little growth, despite government incentives aimed at those sectors. The new government led by Prime Minister Hubert MINNIS has prioritized addressing fiscal imbalances and rising debt, which stood at 75% of GDP in 2016. Large capital projects like the Baha Mar Casino and Hotel are driving growth. Public debt increased in 2017 in large part due to hurricane reconstruction and relief financing. The primary fiscal balance was a deficit of 0.4% of GDP in 2016. The Bahamas is the only country in the Western Hemisphere that is not a member of the World Trade Organization.
GDP (purchasing power parity)
$12.06 billion (2017 est.)
$11.89 billion (2016 est.)
$12.09 billion (2015 est.)

note: data are in 2017 dollars

GDP (official exchange rate)
$12.16 billion (2017 est.)
GDP - real growth rate
1.4% (2017 est.)
-1.7% (2016 est.)
1% (2015 est.)
GDP - per capita (PPP)
$32,400 (2017 est.)
$32,300 (2016 est.)
$33,200 (2015 est.)

note: data are in 2017 dollars

Gross national saving
11.4% of GDP (2017 est.)
18.2% of GDP (2016 est.)
12.3% of GDP (2015 est.)
GDP - composition, by end use
household consumption: 68% (2017 est.)
government consumption: 13% (2017 est.)
investment in fixed capital: 26.3% (2017 est.)
investment in inventories: 0.7% (2017 est.)
exports of goods and services: 33.7% (2017 est.)
imports of goods and services: -41.8% (2017 est.)
GDP - composition by sector
agriculture: 2.3% (2017 est.)
industry: 7.7% (2017 est.)
services: 90% (2017 est.)
Population below poverty line
9.3% (2010 est.)
Labor force
196,900 (2013 est.)
Labor force - by occupation
agriculture: 3%
industry: 11%
services: 49%
tourism: 37% (2011 est.)
Unemployment rate
10.1% (2017 est.)
12.2% (2016 est.)
Unemployment, youth ages 15-24
total: 25.8%
male: 20.8%
female: 31.6% (2016 est.)
Household income or consumption by percentage share
lowest 10%: 1%
highest 10%: 22% (2007 est.)
Budget
revenues: 2.139 billion (2017 est.)
expenditures: 2.46 billion (2017 est.)
Taxes and other revenues
17.6% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)
-2.6% (of GDP) (2017 est.)
Public debt
54.6% of GDP (2017 est.)
50.5% of GDP (2016 est.)
Inflation rate (consumer prices)
1.4% (2017 est.)
-0.3% (2016 est.)
Central bank discount rate
4.5% (1 January 2014)
4.5% (31 December 2012)
Commercial bank prime lending rate
4.25% (31 December 2017 est.)
4.75% (31 December 2016 est.)
Stock of narrow money
$2.654 billion (31 December 2017 est.)
$2.461 billion (31 December 2016 est.)
Stock of broad money
$2.654 billion (31 December 2017 est.)
$2.461 billion (31 December 2016 est.)
Stock of domestic credit
$8.805 billion (31 December 2017 est.)
$9.09 billion (31 December 2016 est.)
Market value of publicly traded shares
$2.78 billion (31 December 2012 est.)
Agriculture - products
citrus, vegetables; poultry; seafood
Industries
tourism, banking, oil bunkering, maritime industries, transshipment and logistics, salt, aragonite, pharmaceuticals
Industrial production growth rate
5.8% (2017 est.)
Current Account Balance
-$1.909 billion (2017 est.)
-$868 million (2016 est.)
Exports
$550 million (2017 est.)
$444.3 million (2016 est.)
Exports - commodities
Rock lobster, aragonite, crude salt, polystyrene products
Exports - partners
US 63.9%, Namibia 19.3% (2017)
Imports
$3.18 billion (2017 est.)
$2.594 billion (2016 est.)
Imports - commodities
machinery and transport equipment, manufactures, chemicals, mineral fuels; food and live animals
Imports - partners
US 83.2% (2017)
Reserves of foreign exchange and gold
$1.522 billion (31 December 2017 est.)
$1.002 billion (31 December 2016 est.)
Debt - external
$17.56 billion (31 December 2013 est.)
$16.35 billion (31 December 2012 est.)
Exchange rates
Bahamian dollars (BSD) per US dollar -
1 (2017 est.)
1 (2016 est.)
1 (2015 est.)
1 (2014 est.)
1 (2013 est.)
Fiscal year
1 July - 30 June

Source: CIA World Factbook
This page was last updated on Friday, November 27, 2020