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 (2023).
More about the economy of Bahamas
| Labor force | 237,100 (2024 est.) |
|---|---|
| Industrial production growth rate | 12.5% (2024 est.) |
| Industries | tourism, banking, oil bunkering, maritime industries, transshipment and logistics, salt, aragonite, pharmaceuticals |
| Population below poverty line | |
| Taxes and other revenues | 16.2% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Bahamian dollars (BSD) per US dollar - |
| Exchange rates 2024 | 1 (2024 est.) |
| Exchange rates 2023 | 1 (2023 est.) |
| Exchange rates 2022 | 1 (2022 est.) |
| Exchange rates 2021 | 1 (2021 est.) |
| Exchange rates 2020 | 1 (2020 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 2024 | -$1.053 billion (2024 est.) |
| Current account balance 2023 | -$1.069 billion (2023 est.) |
| Current account balance 2022 | -$1.233 billion (2022 est.) |
| Public debt | |
| Public debt 2023 | 73.7% of GDP (2023 est.) |
| Budget | |
| Revenues | $2.606 billion (2022 est.) |
| Expenditures | $3.102 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 0.4% of GDP (2024 est.) |
| Remittances 2023 | 0.4% of GDP (2023 est.) |
| Remittances 2022 | 0.4% of GDP (2022 est.) |
| Imports | |
| Imports 2024 | $7.069 billion (2024 est.) |
| Imports 2023 | $6.273 billion (2023 est.) |
| Imports 2022 | $5.843 billion (2022 est.) |
| Imports (partners) | USA 60%, Germany 13%, China 5%, Japan 3%, Brazil 2% (2023) |
| Comodities Imports force | refined petroleum, ships, aircraft, cars, crude petroleum (2023) |
| Exports | |
| Imports 2024 | $7.069 billion (2024 est.) |
| Imports 2023 | $6.273 billion (2023 est.) |
| Imports 2022 | $5.843 billion (2022 est.) |
| Exports (partners) | USA 36%, Zimbabwe 16%, Cote d'Ivoire 14%, Germany 8%, Guyana 8% (2023) |
| Comodities Exports force | refined petroleum, ships, aluminum, shellfish, plastics (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $14.544 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $14.069 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $13.653 billion (2022 est.) |
| GDP (official exchange rate) | $15.833 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $36,200 (2024 est.) |
| Real GDP per capita 2023 | $35,200 (2023 est.) |
| Real GDP per capita 2022 | $34,300 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0.5% (2024 est.) |
| Industry | 9.6% (2024 est.) |
| Services | 77.2% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 64.3% (2024 est.) |
| Government consumption | 12.9% (2024 est.) |
| Investment in fixed capital | 25.7% (2024 est.) |
| Investment in inventories | 1.1% (2024 est.) |
| Exports of goods and services | 37.8% (2024 est.) |
| Imports of goods and services | -41.5% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 8.5% (2024 est.) |
| Unemployment rate 2023 | 8.7% (2023 est.) |
| Unemployment rate 2022 | 9.3% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 17.8% (2024 est.) |
| Male | 17.8% (2024 est.) |
| Female | 17.8% (2024 est.) |
All Important Facts about Bahamas
Want to know more about Bahamas? Check all different factbooks for Bahamas below.
