The Bahamas

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

The Bahamas - In Short.

Overview of The Bahamas

Lucayan Indians inhabited the islands when Christopher COLUMBUS first set foot in the New World on San Salvador in 1492. British settlement of the islands began in 1647; the islands became a colony in 1783. Piracy thrived in the 17th and 18th centuries because of The Bahamas close proximity to shipping lanes. Since attaining independence from the UK in 1973, The Bahamas has prospered through tourism, international banking, and investment management, which comprise up to 85% of GDP. Because of its proximity to the US – the nearest Bahamian landmass being only 80 km (50 mi) from Florida – the country is a major transshipment point for illicit trafficking, particularly to the US mainland, as well as Europe. US law enforcement agencies cooperate closely with The Bahamas, and the US Coast Guard assists Bahamian authorities in coastal defense through Operation Bahamas, Turks and Caicos, or OPBAT.
Value
Country Full Name
The Bahamas
Country Code
BHS
Region
Latin America & Caribbean
Income Group
High income
Currency Unit
GDP
9907500000
Population
393248
Land Area
10010
Net National Income Per Capita
22404.77685
GDP per Capita (PPP)
32538.56916

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

The Bahamas - Economic

Economy of The Bahamas

The Bahamas has the second highest per capita GDP in the English-speaking Caribbean with an economy heavily dependent on tourism and financial services. Tourism accounts for approximately 50% 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, accounting for about 15% of GDP. Manufacturing and agriculture combined contribute less than 7% of GDP and show little growth, despite government incentives aimed at those sectors. The new government led by Prime Minister Hubert MINNIS has prioritized addressing fiscal imbalances and rising debt, which stood at 75% of GDP in 2016. Large capital projects like the Baha Mar Casino and Hotel are driving growth. Public debt increased in 2017 in large part due to hurricane reconstruction and relief financing. The primary fiscal balance was a deficit of 0.4% of GDP in 2016. The Bahamas is the only country in the Western Hemisphere that is not a member of the World Trade Organization.

Unemployment Rate

Inflation Rate

The Bahamas - GDP Composition

GDP Composiiton & Value Added of The Bahamas

Last Updated: Jan, 2021, Updated For 2020.

The Bahamas - GDP, Value Added

Demographics of The Bahamas

most of the population lives in urban areas, with two-thirds living on New Providence Island where Nassau is located
Geographic Location

chain of islands in the North Atlantic Ocean, southeast of Florida, northeast of Cuba

Races

African descent 90.6%, White 4.7%, mixed 2.1%, other 1.9%, unspecified 0.7% (2010 est.)note: data represent population by racial group

Languages

English (official), Creole (among Haitian immigrants)

Religion

Protestant 69.9% (includes Baptist 34.9%, Anglican 13.7%, Pentecostal 8.9% Seventh Day Adventist 4.4%, Methodist 3.6%, Church of God 1.9%, Brethren 1.6%, other Protestant .9%), Roman Catholic 12%, other Christian 13% (includes Jehovah's Witness 1.1%), other 0.6%, none 1.9%, unspecified 2.6% (2010 est.)

Dependency & Expectancy of The Bahamas

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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The Bahamas - Social Media Briefing

The Bahamas - Social Media & Social Commerce

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Politics & Policies of The Bahamas

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ACP, AOSIS, C, Caricom, CDB, CELAC, FAO, G-77, IADB, IAEA, IBRD, ICAO, ICC (NGOs), ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, ISO (correspondent), ITSO, ITU, LAES, MIGA, NAM, OAS, OPANAL, OPCW, Petrocaribe, UN, UNCTAD, UNESCO, UNIDO, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO (observer)

Import of The Bahamas

Export of The Bahamas

Import Destination

Export Destination