Economy of the Bahamas

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Economy of the Bahamas

Nassau is the capital and financial center of the Bahamas
Currency	Bahamian dollar (BSD)
Fiscal year	1 July - 30 June
Trade organisations	WTO, CARICOM
Statistics
GDP	$14.425 billion (nominal, 2018)[1] $12.357 billion (PPP, 2018)[1]
GDP rank	140th (nominal) / 153rd (PPP)
GDP growth	0.4% (2016) 0.1% (2017) 1.6% (2018) 0.9% (2019e)[1]
GDP per capita	$35,997 (nominal, 2024)[1] $45,817 (PPP, 2024)[1]
GDP by sector	agriculture: 2.1%, industry: 7.1%, services: 90.8% (2012 est.)
Inflation (CPI)	2.230% (2018)[1]
Population below poverty line	9.3% (2004)
Human Development Index	0.805 very high (2018)[2] (60th) N/A IHDI (2018)[3]
Labour force	184,000 (2009)
Labour force by occupation	agriculture 5%, industry 5%, tourism 50%, other services 40% (2005 est.)
Unemployment	14.2% (2009 est.)
Main industries	tourism, banking, cement, oil transshipment, salt, rum, aragonite, pharmaceuticals, spiral-welded steel pipe
External
Exports	$1.316 billion (2017 est.)[4]
Export goods	mineral products and salt, animal products, rum, chemicals, fruit and vegetables
Main export partners	United States 49.3%  Cote d'Ivoire 20.3%  Germany 9%  Thailand 6.54% (2022)[5]
Imports	$9.097 billion (2017 est.)
Import goods	machinery and transport equipment, manufactures, chemicals, mineral fuels; food and live animals
Main import partners	United States 58.6%  South Korea 6.29% (2022)[6]
Public finances
Government debt	$342.6 million (2004 est.)
Revenues	$1.5 billion (2012)
Expenses	$1.8 billion (2012)
Economic aid	recipient: $5 million (2004)
Credit rating	BBB+ (Domestic) BBB+ (Foreign) A- (T&C Assessment) (Standard & Poor's)[7]
All values, unless otherwise stated, are in US dollars.

The economy of the Bahamas is dependent upon tourism and offshore banking. The Bahamas is the richest country in the West Indies and is ranked 14th in North America for nominal GDP.^[8] It is a stable, developing nation in the Lucayan Archipelago, with a population of 391,232 (2016). Steady growth in tourism receipts and a boom in construction of new hotels, resorts, and residences had led to solid GDP growth for many years. The slowdown in the Economy of the United States and the September 11 attacks held back growth in these sectors from 2001 to 2003.

Financial services constitute the second-most important sector of the Bahamian economy, accounting for about 15% of GDP. However, since December 2000, when the government enacted new regulations on the financial sector, many international businesses have left the Bahamas. Manufacturing and agriculture together contribute approximately 10% of GDP and show little growth, despite government incentives for those sectors. Overall growth prospects in the short run rest heavily on the fortunes of the tourism sector, which depends on growth in the United States, the source of more than 80% of the visitors. In addition to tourism and banking, the government supports the development of a "2nd-pillar", e-commerce.