Bahamas - Economy
How is the economy of Bahamas? Based on the information we have, Bahamas has a 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. Key agricultural products in this country include: sugarcane, grapefruits, vegetables, bananas, tomatoes, chicken, tropical fruits, oranges, coconuts, mangoes/guavas (2022).
More about the economy of Bahamas
| Labor force | 242,000 (2023 est.) |
|---|---|
| Industrial production growth rate | 10.34% (2023 est.) |
| Industries | tourism, banking, oil bunkering, maritime industries, transshipment and logistics, salt, aragonite, pharmaceuticals |
| Population below poverty line | |
| Taxes and other revenues | 16.43% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Bahamian dollars (BSD) per US dollar - |
| Exchange rates 2023 | 1 (2023 est.) |
| Exchange rates 2022 | 1 (2022 est.) |
| Exchange rates 2021 | 1 (2021 est.) |
| Exchange rates 2020 | 1 (2020 est.) |
| Exchange rates 2019 | 1 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $2.512 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $2.609 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $2.433 billion (2021 est.) |
| Current account balance | |
| Current account balance 2022 | -$1.763 billion (2022 est.) |
| Current account balance 2021 | -$2.434 billion (2021 est.) |
| Current account balance 2020 | -$2.285 billion (2020 est.) |
| Public debt | |
| Public debt 2022 | 82.16% of GDP (2022 est.) |
| Budget | |
| Revenues | $2.606 billion (2022 est.) |
| Expenditures | $3.102 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.38% of GDP (2023 est.) |
| Remittances 2022 | 0.44% of GDP (2022 est.) |
| Remittances 2021 | 0.47% of GDP (2021 est.) |
| Imports | |
| Imports 2022 | $5.692 billion (2022 est.) |
| Imports 2021 | $4.947 billion (2021 est.) |
| Imports 2020 | $3.411 billion (2020 est.) |
| Imports (partners) | US 59%, South Korea 6%, Germany 6%, China 5%, Brazil 4% (2022) |
| Comodities Imports force | refined petroleum, ships, cars, crude petroleum, coal tar oil (2022) |
| Exports | |
| Imports 2022 | $5.692 billion (2022 est.) |
| Imports 2021 | $4.947 billion (2021 est.) |
| Imports 2020 | $3.411 billion (2020 est.) |
| Exports (partners) | US 49%, Cote d'Ivoire 20%, Germany 9%, Thailand 7%, Poland 4% (2022) |
| Comodities Exports force | refined petroleum, ships, aluminum, postage stamps/documents, plastics (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $13.224 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $12.884 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $11.63 billion (2021 est.) |
| GDP (official exchange rate) | $14.339 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $32,000 (2023 est.) |
| Real GDP per capita 2022 | $31,400 (2022 est.) |
| Real GDP per capita 2021 | $28,500 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0.4% (2023 est.) |
| Industry | 8.8% (2023 est.) |
| Services | 80.8% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 67.5% (2023 est.) |
| Government consumption | 13% (2023 est.) |
| Investment in fixed capital | 19.5% (2023 est.) |
| Investment in inventories | 1.2% (2023 est.) |
| Exports of goods and services | 39.7% (2023 est.) |
| Imports of goods and services | -43% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 9.2% (2023 est.) |
| Unemployment rate 2022 | 9.87% (2022 est.) |
| Unemployment rate 2021 | 11.69% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 23.6% (2023 est.) |
| Male | 21.5% (2023 est.) |
| Female | 26.7% (2023 est.) |
All Important Facts about Bahamas
Want to know more about Bahamas? Check all different factbooks for Bahamas below.
