Bahamas The Economy - 2024

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.)

Unemployment rate

13.24% (2021 est.)
13.32% (2020 est.)
10.06% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 30.8% (2021 est.)

male: 27.5%

female: 35.6%

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 -

Exchange rates:
1 (2021 est.)
1 (2020 est.)
1 (2019 est.)
1 (2018 est.)
1 (2017 est.)