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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

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.)

Labor Force

196,900 (2013 est.)

Labor Force by Occupation

Agriculture: 3%

Industry: 11%

Services: 49%

Tourism: 37% (2011 est.)

Unemployment Rate

0: 10.1% (2017 est.)

1: 12.2% (2016 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: 2.139 billion (2017 est.)

Expenditures: 2.46 billion (2017 est.)

Budget Surplus

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

Public Debt

0: 54.6% of GDP (2017 est.)

1: 50.5% of GDP (2016 est.)

Commercial Bank Prime Lending Rate

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

Market Value of Publicly Traded Shares

Reserves of Foreign Exchange and Gold

0: $1.522 billion (31 December 2017 est.)

1: $1.002 billion (31 December 2016 est.)

Debt External

0: $17.56 billion (31 December 2013 est.)

1: $16.35 billion (31 December 2012 est.)

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

0: Bahamian dollars (BSD) per US dollar -

1: 1 (2017 est.)

2: 1 (2016 est.)

3: 1 (2015 est.)

4: 1 (2014 est.)

5: 1 (2013 est.)

Year

Taxes and Other Revenues

  • 17.6% (of GDP) (2017 est.)

Fiscal Year

  • 1 July - 30 June

Real GDP

  • $12.1_billion_note
    data are
  • $14.45_billion_note
    data are
  • $14.28_billion_note
    data are

GDP Purchasing Power Parity

GDP Real Growth Rate

GDP Per Capital

  • $30,800_note
    data are in 2017 dollars (2020 est.)
  • $37,100_note
    data are in 2017 dollars (2019 est.)
  • $37,000_note
    data are in 2017 dollars (2018 est.)
  • note
    data are in 2017 dollars

Inflation Rate

  •  
    1.4% (2017 est.)
  • 1
    -0.3% (2016 est.)

Credit Ratings

  • Moody s rating
    Ba2 (2020)
  • Standard & Poors rating
    BB- (2020)

Gross National Saving

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

Current Account Balance

  • 0
    -$1.909 billion (2017
  • 1
    -$868 million (2016

Exports

  • $1.69 billion note
    data are in
  • $5.14 billion note
    data are in
  • $4.75 billion note
    data are in

Exports Partners

  • Poland
    32%
  • United
    States
  • Ecuador
    9%
  • China
    6%
  • Japan
    5%

Exports Commodities

    Ships, refined petroleum, nitrogen compounds, crustaceans, styrene polymers (2019)

Imports

  • $3.64 billion note
    data are in
  • $4.91 billion note
    data are in
  • $5.12 billion note
    data are in

Imports Partners

  • United
    States
  • South
    Korea
  • Japan
    14%

Imports Commodities

    Ships, refined petroleum, crude petroleum, recreational boats, cars (2019)
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