Bahamas The Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

high-income tourism and financial services economy; major income inequality; strong US bilateral relations; several tax relief programs; targeted investment in agriculture, energy, light manufacturing, and technology industries

Real GDP (purchasing power parity)

$12.323 billion (2021 est.)

$10.836 billion (2020 est.)

$14.225 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

13.72% (2021 est.)

-23.82% (2020 est.)

1.9% (2019 est.)

Real GDP per capita

$30,200 (2021 est.)

$26,700 (2020 est.)

$35,200 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$12.16 billion (2017 est.)

Inflation rate (consumer prices)

2.9% (2021 est.)

0.04% (2020 est.)

2.49% (2019 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

8.51% (2021 est.)

Labor force

224,400 (2021 est.)

Labor force - by occupation

agriculture: 3%

industry: 11%

services: 49%

tourism: 37% (2011 est.)

Unemployment rate

13.24% (2021 est.)

13.32% (2020 est.)

10.06% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 30.8%

male: 27.5%

female: 35.6% (2021 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: $2.087 billion (2020 est.)

expenditures: $2.899 billion (2020 est.)

Budget surplus (+) or deficit (-)

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

Public debt

84.45% of GDP (2020 est.)

57.05% of GDP (2019 est.)

56.78% of GDP (2018 est.)

Taxes and other revenues

19.16% (of GDP) (2020 est.)

Fiscal year

1 July - 30 June

Current account balance

-$2.592 billion (2021 est.)

-$2.373 billion (2020 est.)

-$345.481 million (2019 est.)

Exports

$3.202 billion (2021 est.)

$1.65 billion (2020 est.)

$5.164 billion (2019 est.)

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

Exports - partners

United States 26%, Germany 16%, Singapore 13%, Poland 13%, Thailand 9% (2021)

Exports - commodities

refined petroleum, ships, aluminum, lobsters and crawfish, styrene polymers (2021)

note: Bahamian cannabis production remains a significant illicit trade export

Imports

$4.924 billion (2021 est.) note: data are in current year dollars

$3.411 billion (2020 est.) note: data are in current year dollars

$4.84 billion (2019 est.) note: data are in current year dollars

Imports - partners

United States 37%, South Korea 12%, Germany 9%, China 7%, Russia 6% (2021)

Imports - commodities

refined petroleum, ships, aircraft, crude petroleum, floating docks (2021)

Reserves of foreign exchange and gold

$2.433 billion (31 December 2021 est.)

$2.382 billion (31 December 2020 est.)

$1.758 billion (31 December 2019 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 (2021 est.)

1 (2020 est.)

1 (2019 est.)

1 (2018 est.)

1 (2017 est.)

NOTE: The information regarding Bahamas The on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Bahamas The 2023 information contained here. All suggestions for corrections of any errors about Bahamas The 2023 should be addressed to the CIA or the source cited on each page.