Bahamas The Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP (purchasing power parity)

$12.1 billion (2020 est.)

$14.45 billion (2019 est.)

$14.28 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

1.4% (2017 est.)

-1.7% (2016 est.)

1% (2015 est.)

Real GDP per capita

$30,800 (2020 est.)

$37,100 (2019 est.)

$37,000 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$12.16 billion (2017 est.)

Inflation rate (consumer prices)

1.4% (2017 est.)

-0.3% (2016 est.)

Credit ratings

Moody's rating: Ba2 (2020)

Standard & Poors rating: BB- (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 2.3% (2017 est.)

industry: 7.7% (2017 est.)

services: 90% (2017 est.)

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.)

Agricultural 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

10.1% (2017 est.)

12.2% (2016 est.)

Youth unemployment rate (ages 15-24)

total: 25.8%

male: 20.8%

female: 31.6% (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 (+) or deficit (-)

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

Public debt

54.6% of GDP (2017 est.)

50.5% of GDP (2016 est.)

Taxes and other revenues

17.6% (of GDP) (2017 est.)

Fiscal year

1 July - 30 June

Current account balance

-$1.909 billion (2017 est.)

-$868 million (2016 est.)

Exports

$1.69 billion (2020 est.)

$5.14 billion (2019 est.)

$4.75 billion (2018 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Poland 32%, United States 17%, Ecuador 9%, China 6%, Japan 5% (2019)

Exports - commodities

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

Imports

$3.64 billion (2020 est.) note: data are in current year dollars

$4.91 billion (2019 est.) note: data are in current year dollars

$5.12 billion (2018 est.) note: data are in current year dollars

Imports - partners

United States 31%, South Korea 29%, Japan 14% (2019)

Imports - commodities

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

Reserves of foreign exchange and gold

$1.522 billion (31 December 2017 est.)

$1.002 billion (31 December 2016 est.)

Debt - external

$17.56 billion (31 December 2013 est.)

$16.35 billion (31 December 2012 est.)

Exchange rates

Bahamian dollars (BSD) per US dollar -

1 (2017 est.)

1 (2016 est.)

1 (2015 est.)

1 (2014 est.)

1 (2013 est.)

NOTE: The information regarding Bahamas The on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Bahamas The 2022 information contained here. All suggestions for corrections of any errors about Bahamas The 2022 should be addressed to the CIA or the source cited on each page.