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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.)

Labor Force

196,900 (2013 est.)

Labor Force by Occupation

Agriculture: 3%

Industry: 11%

Services: 49%

Tourism: 37% (2011 est.)

Unemployment Rate

2017: 10.1%

2016: 12.2%

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: 2.139 billion (2017 est.)

Expenditures: 2.46 billion (2017 est.)

Public Debt

2017: 54.6% of GDP

2016: 50.5% of GDP

Central Bank Discount Rate

1 January 2014: 4.5%

31 December 2012: 4.5%

Commercial Bank Prime Lending Rate

31 December 2017: 4.25%

31 December 2016: 4.75%

Stock of Narrow Money

31 December 2017: $2.654 billion

31 December 2016: $2.461 billion

Stock of Broad Money

31 December 2017: $2.654 billion

31 December 2016: $2.461 billion

Stock of Domestic Credit

31 December 2017: $8.805 billion

31 December 2016: $9.09 billion

Market Value of Publicly Traded Shares

31 December 2012: $2.78 billion

Reserves of Foreign Exchange and Gold

31 December 2017: $1.522 billion

31 December 2016: $1.002 billion

Debt External

31 December 2013: $17.56 billion

31 December 2012: $16.35 billion

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

Currency: Bahamian dollars (BSD) per US dollar -

Exchange rates:

Year	2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

GDP Official Exchange Rate

$12.16 billion 2017 est.

Taxes and Other Revenues

17.6% (of GDP) (2017 est.)

Budget Surplus or Deficit

-2.6% (of GDP) (2017 est.)

Fiscal Year

1 July - 30 June

GDP Purchasing Power Parity

2017
$12.06 billion
2016
$11.89 billion
2015
$12.09 billion

GDP Real Growth Rate

2017
1.4%
2016
-1.7%
2015
1%

GDP Per Capital

2017
$32,400
2016
$32,300
2015
$33,200

Gross National Saving

2017
11.4% of GDP
2016
18.2% of GDP
2015
12.3% of GDP

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 of Origin

Agriculture
2.3% (2017 est.)
Industry
7.7% (2017 est.)
Services
90% (2017 est.)

Inflation Rate Consumer Prices

2017
1.4%
2016
-0.3%

Current Account Balance

2017
-$1.909 billion
2016
-$868 million

Exports

2017
$550 million
2016
$444.3 million

Exports Partners

US
63.9%
Namibia
19.3%

Exports Commodities

Rock lobster, aragonite, crude salt, polystyrene products

Imports

2017
$3.18 billion
2016
$2.594 billion

Imports Partners

US 83.2% (2017)

Imports Commodities

Machinery and transport equipment, manufactures, chemicals, mineral fuels; food and live animals

Bahams