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.
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.); country comparison to the world: 44;
Labor Force
196,900 (2013 est.); country comparison to the world: 173;
Unemployment Rate
10.1% (2017 est.); 12.2% (2016 est.); country comparison to the world: 140;
Population Below Poverty Line
9.3% (2010 est.);
Household Income or Consumption by Percentage Share
Lowest 10%: 22% (2007 est.)
Highest 10%: 22% (2007)
Budget
Revenues: 2.139 billion (2017 est.)
Expenditures: 2.46 billion (2017 est.)
Public Debt
54.6% of GDP (2017 est.); 50.5% of GDP (2016 est.); country comparison to the world: 80;
Central Bank Discount Rate
4.5% (1 January 2014); 4.5% (31 December 2012); country comparison to the world: 85;
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$2.654 billion (31 December 2017 est.); $2.461 billion (31 December 2016 est.); country comparison to the world: 124;
Stock of Broad Money
$2.654 billion (31 December 2017 est.); $2.461 billion (31 December 2016 est.); country comparison to the world: 131;
Stock of Domestic Credit
$8.805 billion (31 December 2017 est.); $9.09 billion (31 December 2016 est.); country comparison to the world: 113;
Market Value of Publicly Traded Shares
$2.78 billion (31 December 2012 est.); country comparison to the world: 95;
Reserves of Foreign Exchange and Gold
$1.522 billion (31 December 2017 est.); $1.002 billion (31 December 2016 est.); country comparison to the world: 125;
Debt External
$17.56 billion (31 December 2013 est.); $16.35 billion (31 December 2012 est.); country comparison to the world: 98;
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Bahamian dollars (BSD) per US dollar -; 1 (2017 est.); 1 (2016 est.); 1 (2015 est.); 1 (2014 est.); 1 (2013 est.);
