About Bahamas and Key Financial Statistics

About Bahamas and Key Financial Statistics

Overview of Economy:

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 one 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 and 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.

Gross Domestic Product (In USD):

$9.031 billion (2014 est.)

$8.94 billion (2013 est.)

$8.938 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 2.1

% Industry: 7.3

% Services: 90.6

Composition of Labor Force by Occupation:

% Agriculture: 3

% Industry: 11

% Services: 49

Per Capita Income:

$25,100 (2014 est.)

$24,800 (2013 est.)

$24,800 (2012 est.)

Exports:

$848.8 million (2014 est.)

$954.9 million (2013 est.)

Key Export Commodities:

crawfish, aragonite, crude salt, polystyrene products

Export Partners:

Cote d'Ivoire 20.5%, US 14.7%, India 13.4%, Dominican Republic 10.6%, Mexico 6.9%, Ecuador 4.9% (2014)

Imports:

$3.27 billion (2014 est.)

$3.166 billion (2013 est.)

Key Import Commodities:

machinery and transport equipment, manufactures, chemicals, mineral fuels; food and live animals

Import Partners:

US 30.8%, Japan 11.4%, Singapore 9.4%, South Korea 7.7%, Colombia 7.4%, China 6.8%, Brazil 5.6% (2014)

Inflation Rate (Consumer Price Index):

1.2% (2014 est.)

0.4% (2013 est.)

Exchange Rate to USD:

Bahamian dollars (BSD) per US dollar -

1 (2014 est.)

1 (2013 est.)

1 (2012 est.)

1 (2011 est.)

1 (2010 est.)

Unemployment Rate:

15% (2014 est.)

15.8% (2013 est.)

S&P Rating:

Standard & Poor's Ratings:

• • AAA: The best quality borrowers, reliable and stable

  • AA: Quality borrowers, a bit higher risk than AAA

  • A: Economic situation can affect finance

  • BBB: Medium class borrowers, which are satisfactory at the moment

  • BB: More prone to changes in the economy

  • B: Financial situation varies noticeably

  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings