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Bahamas, The Economy 2017
https://theodora.com/wfbcurrent/bahamas_the/bahamas_the_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Bahamas, The Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
The Bahamas is one of the wealthiest Caribbean countries with an economy heavily dependent on tourism and offshore banking. Tourism together with tourism-driven construction and manufacturing accounts for approximately 60% 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 and, when combined with business services, account for about 35% of GDP. Manufacturing and agriculture combined contribute less than one 10th of GDP and show little growth, despite government incentives aimed at those sectors. The economy of The Bahamas shrank at an average pace of 0.8% annually between 2007 and 2011, and tourism, financial services, and construction - pillars of the national economy - remain subdued. Conditions are improving in the tourism sector, however, due to steady foreign investment led activity. New resort and marina developments are likely to provide sustained employment opportunities.

GDP (purchasing power parity):
$9.066 billion (2016 est.) $9.042 billion (2015 est.) $9.195 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 161
[see also: GDP country ranks ]

GDP (official exchange rate):
$9.047 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.3% (2016 est.) -1.7% (2015 est.) -0.5% (2014 est.)
country comparison to the world: 189
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$24,600 (2016 est.) $24,800 (2015 est.) $25,500 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 78
[see also: GDP - per capita country ranks ]

Gross national saving:
14.1% of GDP (2016 est.) 11.2% of GDP (2015 est.) 9.2% of GDP (2014 est.)
country comparison to the world: 124
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 65.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 16.3%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 27.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 36.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -47.2% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 7.6%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 90.1% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
citrus, vegetables; poultry

Industries:
tourism, banking, oil bunkering, maritime industries, transshipment, salt, rum, aragonite, pharmaceuticals

Industrial production growth rate:
1.5% (2016 est.)
country comparison to the world: 130
[see also: Industrial production growth rate country ranks ]

Labor force:
196,900 (2013 est.)
country comparison to the world: 171
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 11%
[see also: Labor force - by occupation - industry country ranks ]
tourism: 49%
other services: 37% (2011 est.)

Unemployment rate:
15% (2014 est.) 15.8% (2013 est.)
country comparison to the world: 154
[see also: Unemployment rate country ranks ]

Population below poverty line:
9.3% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 22% (2007 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $1.9 billion
[see also: Budget revenues country ranks ]
expenditures: $2.3 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
21% of GDP (2016 est.)
country comparison to the world: 148
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.4% of GDP (2016 est.)
country comparison to the world: 145
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
64.4% of GDP (2016 est.) 64.4% of GDP (2015 est.)
country comparison to the world: 54
[see also: Public debt country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
1% (2016 est.) 1.9% (2015 est.)
country comparison to the world: 67
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.5% (1 January 2014) 4.5% (31 December 2012)
country comparison to the world: 82
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
6% (31 December 2016 est.) 4.8% (31 December 2015 est.)
country comparison to the world: 127
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.061 billion (31 December 2016 est.) $2.051 billion (31 December 2015 est.)
country comparison to the world: 130
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$6.952 billion (31 December 2016 est.) $6.546 billion (31 December 2015 est.)
country comparison to the world: 120
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$9.5 million (31 December 2016 est.) $8.922 million (31 December 2015 est.)
country comparison to the world: 187
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$2.78 billion (31 December 2012 est.)
country comparison to the world: 96
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.029 billion (2016 est.) -$1.415 billion (2015 est.)
country comparison to the world: 124
[see also: Current account balance country ranks ]

Exports:
$880 million (2016 est.) $800 million (2015 est.)
country comparison to the world: 161
[see also: Exports country ranks ]

Exports - commodities:
crawfish, aragonite, crude salt, polystyrene products

Exports - partners:
Poland 26.3%, Cote dIvoire 20.9%, US 15.9%, Dominican Republic 14.3% (2015)

Imports:
$2.495 billion (2016 est.) $2.585 billion (2015 est.)
country comparison to the world: 154
[see also: Imports country ranks ]

Imports - commodities:
machinery and transport equipment, manufactures, chemicals, mineral fuels; food and live animals

Imports - partners:
US 22.3%, China 14.8%, Japan 9.5%, Poland 7.7%, South Korea 7.3%, Colombia 6.8%, Brazil 5.6%, Singapore 5.5% (2015)

Reserves of foreign exchange and gold:
$1.02 billion (31 December 2016 est.) $895.5 million (31 December 2015 est.)
country comparison to the world: 126
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$17.56 billion (31 December 2013 est.) $16.35 billion (31 December 2012 est.)
country comparison to the world: 96
[see also: Debt - external country ranks ]

Exchange rates:
Bahamian dollars (BSD) per US dollar - 1 (2016 est.) 1 (2015 est.) 1 (2014 est.) 1 (2013 est.) 1 (2012 est.)


NOTE: The information regarding Bahamas, The on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Bahamas, The Economy 2017 information contained here. All suggestions for corrections of any errors about Bahamas, The Economy 2017 should be addressed to the CIA.




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