| 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) | $14.45 billion (2019 est.) $14.276 billion (2018 est.) $13.856 billion (2017 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) | $37,101 (2019 est.) $37,020 (2018 est.) $36,297 (2017 est.) note: data are in 2017 dollars |
| Gross national saving | 29% of GDP (2019 est.) 18% of GDP (2018 est.) 19.6% of GDP (2017 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.) |
| Ease of Doing Business Index scores | Overall score: 59.9 (2020) Starting a Business score: 87 (2020) Trading score: 53.1 (2020) Enforcement score: 59.1 (2020) |
| 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.) |
| Credit ratings | Moody's rating: Ba2 (2020) Standard & Poors rating: BB- (2020) |
| Agriculture - products | sugar cane, grapefruit, vegetables, bananas, tomatoes, poultry, tropical fruit, oranges, coconuts, mangoes/guavas |
| 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 | ships, refined petroleum, nitrogen compounds, crustaceans, styrene polymers (2019) |
| Exports - partners | Poland 32%, United States 17%, Ecuador 9%, China 6%, Japan 5% (2019) |
| Imports | $3.18 billion (2017 est.) $2.594 billion (2016 est.) |
| Imports - commodities | ships, refined petroleum, crude petroleum, recreational boats, cars (2019) |
| Imports - partners | United States 31%, South Korea 29%, Japan 14% (2019) |
| 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 September 18, 2021
