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Bahamas, The Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Bahamas, The Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 23, 2014

Economy - overview:
The Bahamas is one of the wealthiest Caribbean countries with an economy heavily dependent on tourism and offshore banking. Tourism together with tourism-driven construction and manufacturing accounts for approximately 60% 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 and, when combined with business services, account for about 35% of GDP. Manufacturing and agriculture combined contribute less than a 10th of GDP and show little growth, despite government incentives aimed at those sectors. The economy of The Bahamas shrank at an average pace of 0.8% annually between 2007-2011, and tourism, financial services, and construction - pillars of the national economy - remain subdued. Conditions are improving in the tourism sector, however, due to steady foreign investment led activity. New resort and marina developments are likely to provide sustained employment opportunities.

GDP (purchasing power parity):
$11.4 billion (2013 est.)
country comparison to the world: 152

$11.19 billion (2012 est.)
$10.98 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$8.373 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.9% (2013 est.)
country comparison to the world: 149

1.8% (2012 est.)
1.7% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$32,000 (2013 est.)
country comparison to the world: 43

$31,800 (2012 est.)
$31,500 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
14.3% of GDP (2013 est.)
country comparison to the world: 112

19.3% of GDP (2012 est.)
17.8% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 68.7%
government consumption: 15.5%
investment in fixed capital: 34.4%
investment in inventories: 0%
exports of goods and services: 45.8%
imports of goods and services: -64.4%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 2.1%
industry: 7.1%
services: 90.8% (2013 est.)

Agriculture - products:
citrus, vegetables; poultry

Industries:
tourism, banking, oil bunkering, maritime industries, transshipment, salt, rum, aragonite, pharmaceuticals

Industrial production growth rate:
1.5% (2013 est.)
country comparison to the world: 133
[see also: Industrial production growth rate country ranks ]

Labor force:
196,900 (2013 est.)
country comparison to the world: 171
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 3%
industry: 11%
tourism: 49%
other services: 37% (2011 est.)

Unemployment rate:
16.2% (2013 est.)
country comparison to the world: 145

14% (2012 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
9.3% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1%
highest 10%: 22% (2007)

Budget:
revenues: $1.41 billion
expenditures: $2.1 billion (2012 est.)

Taxes and other revenues:
16.8% of GDP (2012 est.)
country comparison to the world: 183
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-8.2% of GDP (2012 est.)
country comparison to the world: 197
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
1% (2013 est.)
country comparison to the world: 26

2% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.5% (1 January 2014 est.)
country comparison to the world: 80

4.5% (31 December 2012 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.75% (31 December 2013 est.)
country comparison to the world: 154

4.75% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.435 billion (31 December 2013 est.)
country comparison to the world: 139

$1.575 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$6.329 billion (31 December 2013 est.)
country comparison to the world: 121

$6.088 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$9.2 billion (31 December 2013 est.)
country comparison to the world: 99

$8.653 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA (31 December 2012 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.372 billion (2013 est.)
country comparison to the world: 129

-$1.424 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$960 million (2013 est.)
country comparison to the world: 162

$984 million (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
crawfish, aragonite, crude salt, polystyrene products

Exports - partners:
Singapore 25.1%, US 20.6%, Dominican Republic 12.9%, Ecuador 9.4%, Canada 5.8%, Switzerland 4.1%, China 4.1% (2012)

Imports:
$3.245 billion (2013 est.)
country comparison to the world: 144

$3.386 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and transport equipment, manufactures, chemicals, mineral fuels; food and live animals

Imports - partners:
US 30.1%, India 20.3%, Singapore 8.7%, South Korea 6.8%, China 5%, Colombia 4.5%, Canada 4.2% (2012)

Reserves of foreign exchange and gold:
$830 million (31 December 2013 est.)
country comparison to the world: 142

$846.9 million (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$17.56 billion (31 December 2013 est.)
country comparison to the world: 85

$16.35 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Exchange rates:
Bahamian dollars (BSD) per US dollar -

1 (2013 est.)
1 (2012 est.)
1 (2010 est.)
1 (2008 est.)
1 (2007 est.)


NOTE: 1) The information regarding Bahamas, The on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Bahamas, The Economy 2015 information contained here. All suggestions for corrections of any errors about Bahamas, The Economy 2015 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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