Economy Overview
The Bahamas has the second highest per capital GDP in the English-speaking Caribbean with an economy heavily dependent on tourism and international banking. Tourism accounts for approximately 75-80% 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. On January 1, 2015, the Government introduced a 7.5% Value Added Tax (VAT) on most goods and services, a measure designed to strengthen the fiscal balance sheet. In August 2016, Moody’s downgraded the Bahamas’ bond and issue ratings to Baa3 from Baa2 with a stable outlook, maintaining that rating in its February 2017 review. In December 2016, S&P downgraded the country to BB+ (speculative grade) from BBB- (investment grade) with a stable outlook based on projections of slow economic growth and the pace of debt accumulation. The Bahamas is the only country in the Western Hemisphere that is not a member of the World Trade Organization.
Agriculture Products
citrus, vegetables; poultry
Industries
tourism, banking, oil bunkering, maritime industries, transshipment and logistics, salt, aragonite, pharmaceuticals
Industrial Production Growth Rate
1.5% (2016 est.)
Labor Force
196,900 (2013 est.)
Labor Force by Occupation
Agriculture: 3%
Industry: 11%
Tourism: 49%
Other services: 37% (2011 est.)
Unemployment Rate
15.8% (2013 est.)
Population Below Poverty Line
9.3% (2010 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 1%
Highest 10%: 22% (2007 est.)
Budget
Revenues: $2 billion
Expenditures: $2.5 billion (2016 est.)
Public Debt
64.5% of GDP (2015 est.)
Central Bank Discount Rate
4.5% (31 December 2012)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$2.087 billion (31 December 2015 est.)
Stock of Broad Money
$6.239 billion (31 December 2015 est.)
Stock of Domestic Credit
$8.922 billion (31 December 2015 est.)
Market Value of Publicly Traded Shares
$2.78 billion (31 December 2012 est.)
Reserves of Foreign Exchange and Gold
$895.5 million (31 December 2015 est.)
Debt External
$16.35 billion (31 December 2012 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
1 (2012 est.)
