Bahamas Economy

Is Bahamas a rich country?

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.

Bahamas Economy Data

What is the GDP of Bahamas?

Currency Name and Code Bahamian dollars (BSD)
GDP - Gross Domestic Product (PPP) $9,066,000,000 (USD)
GDP - official exchange rate $9,047,000,000 (USD)
GDP - real growth rate 0.3%
GDP Per Capita $24,600.00 (USD)
GDP by Sector- agriculture 2.3%
GDP by Sector- Industry 7.6%
GDP by Sector- services 90.1%
GDP - composition, by end use household consumption: 65.7%

government consumption: 16.3%

investment in fixed capital: 27.3%

investment in inventories: 1%

exports of goods and services: 36.9%

imports of goods and services: -47.2%
Population Below Poverty Line 9.3%
Inflation Rate 1%
Labor Force 196,900
Labor Force By Occupation- agriculture 3%
Labor Force By Occupation- industry 11%
Unemployment Rate 15%
Fiscal Year 1 July - 30 June
Annual Budget $1,900,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -4.4%
Public Debt (% of GDP) 64.4%
Taxes and other revenues - percent of GDP 21%
Major Industries tourism, banking, oil bunkering, maritime industries, transshipment, salt, rum, aragonite, pharmaceuticals
Industrial Growth Rate 1.5%
Agriculture Products citrus, vegetables; poultry
Exchange Rate per US Dollar 1
Labor Force By Occupation - tourism 49%
Labor Force By Occupation- other services 37%
Commercial Bank Prime Lending Rate 6%

Labor Force by Occupation- As reported by Bahamas

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