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Bahamas, The Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Bahamas, The Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on December 17, 2013

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 36% 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 2007-11, and tourism, financial services, and construction - pillars of the national economy - remained weak. These challenges, coupled with a growing public debt, increases in government expenditures, a narrow revenue base, and heavy dependence on customs and property taxes have led to prospects of limited growth for The Bahamas.

GDP (purchasing power parity):
$11.04 billion (2012 est.)
country comparison to the world: 153

$10.84 billion (2011 est.)
$10.66 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$8.039 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.8% (2012 est.)
country comparison to the world: 143

1.7% (2011 est.)
1% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$31,300 (2012 est.)
country comparison to the world: 43

$31,100 (2011 est.)
$30,900 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 70.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 14.9%
investment in fixed capital: 31.9%
investment in inventories: 1.3%
exports of goods and services: 44.8%
imports of goods and services: -62.9%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 2.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 7.2%
services: 90.7% (2012 est.)

Agriculture - products:
citrus, vegetables; poultry

Industries:
tourism, banking, cement, oil transshipment, salt, rum, aragonite, pharmaceuticals

Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]

Labor force:
192,200 (2012)
country comparison to the world: 173
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 5%
tourism: 50%
other services: 40% (2005 est.)

Unemployment rate:
14% (2012 est.)
country comparison to the world: 138

14.2% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
9.3% (2004)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 22% (2007 est.)

Budget:
revenues: $1.54 billion
[see also: Budget revenues country ranks ]
expenditures: $2.04 billion (2012 est.)

Taxes and other revenues:
19.2% of GDP (2012 est.)
country comparison to the world: 173
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.2% of GDP (2012 est.)
country comparison to the world: 178
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
2% (2012 est.)
country comparison to the world: 41

3.2% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.5% (31 December 2012 est.)
country comparison to the world: 93

4% (31 December 2011 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.75% (31 December 2012 est.)
country comparison to the world: 157

5.06% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.575 billion (31 December 2012 est.)
country comparison to the world: 132

$1.435 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$6.482 billion (31 December 2012 est.)
country comparison to the world: 120

$6.104 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$8.653 billion (31 December 2012 est.)
country comparison to the world: 103

$8.511 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$2.78 billion (31 December 2012 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-1.424 billion (2012 est.)
country comparison to the world: 126

$-1.136 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$984 million (2012 est.)
country comparison to the world: 157

$833.5 million (2011 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:
$3.386 billion (2012 est.)
country comparison to the world: 141

$2.966 billion (2011 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:
$846.9 million (31 December 2012 est.)
country comparison to the world: 139

$1.07 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$16.35 billion (31 December 2012 est.)
country comparison to the world: 83

$15.13 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

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

1 (2012 est.)
1 (2011 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 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Bahamas, The Economy 2014 information contained here. All suggestions for corrections of any errors about Bahamas, The Economy 2014 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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