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Economy of Bahamas vs Cyprus compared: GDP & Debt

Updated on by Georank team

The Bahamas has a GDP of $15.8B compared to $37.6B for Cyprus, ranking 140/197 and 103/197 by economy size, respectively.

The Bahamas has $11.5B in government debt (72.5% of GDP), compared to $24.5B (65.1% of GDP) in Cyprus.

Bahamas vs Cyprus GDP by year

Bahamas
Cyprus
1x
Year GDP, current $
Bahamas Cyprus
2024 $15,832,800,000 $37,634,533,332
2023 $15,271,300,000 $35,075,423,857
2022 $13,896,800,000 $31,218,038,929
2021 $12,037,000,000 $30,372,642,502
2020 $10,363,200,000 $25,555,093,854
2019 $13,277,000,000 $26,196,667,100
2018 $12,819,200,000 $25,754,001,368
2017 $12,446,900,000 $22,946,570,629
2016 $11,880,900,000 $21,046,462,281
2015 $11,837,600,000 $19,909,278,417
2014 $11,139,100,000 $23,225,918,260
2013 $10,475,300,000 $23,959,712,861
2012 $10,720,400,000 $25,047,436,975
2011 $10,070,450,000 $27,641,549,302
2010 $10,095,760,000 $25,799,940,078
2009 $9,981,960,000 $26,048,179,949
2008 $10,526,000,000 $27,844,646,258
2007 $10,618,340,000 $23,968,727,074
2006 $10,167,250,000 $20,072,754,987
2005 $9,836,200,000 $18,433,412,511
2004 $9,055,290,000 $17,320,551,250
2003 $8,870,090,000 $14,547,329,558
2002 $8,881,160,000 $11,420,228,846
2001 $8,317,830,000 $10,397,898,907
2000 $8,076,470,000 $9,985,847,314
1999 $7,683,870,000 $10,497,907,228
1998 $6,833,220,000 $10,248,618,778
1997 $6,332,360,000 $9,547,816,420
1996 $3,609,000,000 $10,011,914,680
1995 $3,429,000,000 $9,933,137,128
1994 $3,259,000,000 $7,425,703,929
1993 $3,092,000,000 $6,590,291,048
1992 $3,109,000,000 $6,912,150,456
1991 $3,111,160,000 $5,770,197,348
1990 $3,166,000,000 $5,591,130,218
1989 $3,062,000,000 $4,563,482,604
1988 $2,817,900,000 $4,278,792,597
1987 $2,713,999,900 $3,704,813,886
1986 $2,472,500,000 $3,090,734,463
1985 $2,320,699,900 $2,430,411,900
1984 $2,041,100,000 $2,278,248,953
1983 $1,732,800,000 $2,160,364,071
1982 $1,578,300,000 $2,159,242,417
1981 $1,426,500,000 $2,087,496,374
1980 $1,335,300,000 $2,154,311,277
1979 $1,139,800,100 $1,288,699,776
1978 $832,400,000 $964,024,364
1977 $713,000,000 $734,876,021
1976 $642,100,000 $576,090,074
1975 $596,200,000 $489,912,574
1974 $632,400,000 -
1973 $670,900,000 -
1972 $590,900,000 -
1971 $573,400,000 -
1970 $539,500,000 -
1969 $538,700,000 -
1968 $453,800,000 -
1967 $398,000,000 -
1966 $346,800,000 -
1965 $300,272,048 -
1964 $266,560,043 -
1963 $237,650,038 -
1962 $212,170,034 -
1961 $190,022,030 -
1960 $169,736,027 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/bahamas/cyprus | CC BY

GDP per capita in Bahamas vs Cyprus by year

Bahamas
GDP per capita

GDP per capita, PPP
Cyprus
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bahamas Cyprus
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $39,455 $41,198 $27,707 $63,007
2023 $38,232 $39,090 $26,079 $59,875
2022 $34,957 $36,791 $23,448 $55,876
2021 $30,368 $31,065 $23,057 $47,633
2020 $26,179 $27,205 $19,624 $42,569
2019 $33,640 $36,116 $20,360 $44,394
2018 $32,642 $35,228 $20,267 $40,262
2017 $31,875 $34,282 $18,295 $37,768
2016 $30,617 $32,285 $17,013 $35,247
2015 $30,719 $32,138 $16,326 $31,380
2014 $29,137 $31,726 $19,326 $29,893
2013 $27,643 $30,294 $20,238 $30,416
2012 $28,552 $31,036 $21,493 $31,924
2011 $27,091 $30,074 $24,110 $33,406
2010 $27,473 $29,625 $22,876 $33,502
2009 $27,513 $29,197 $23,480 $33,901
2008 $29,392 $30,679 $25,522 $34,830
2007 $30,052 $31,232 $22,344 $32,888
2006 $29,185 $30,402 $19,037 $30,009
2005 $28,602 $29,143 $17,790 $27,763
2004 $26,650 $27,660 $17,016 $25,942
2003 $26,429 $27,031 $14,553 $24,278
2002 $26,782 $27,171 $11,636 $23,556
2001 $25,372 $26,351 $10,785 $22,866
2000 $24,940 $25,422 $10,537 $21,296
1999 $24,041 $24,184 $11,273 $19,663
1998 $21,667 $22,556 $11,206 $18,760
1997 $20,368 $21,606 $10,637 $17,781
1996 $11,784 $21,287 $11,373 $17,320
1995 $11,375 $20,377 $11,514 $17,096
1994 $10,991 $19,441 $8,791 $15,735
1993 $10,613 $18,781 $7,978 $14,852
1992 $10,873 $18,636 $8,530 $14,759
1991 $11,082 $19,296 $7,222 $13,546
1990 $11,473 $19,817 $7,092 $13,348
1989 $11,291 - $5,870 -
1988 $10,576 - $5,584 -
1987 $10,361 - $4,908 -
1986 $9,601 - $4,159 -
1985 $9,167 - $3,324 -
1984 $8,202 - $3,167 -
1983 $7,081 - $3,055 -
1982 $6,559 - $3,100 -
1981 $6,029 - $3,030 -
1980 $5,743 - $3,154 -
1979 $4,994 - $1,902 -
1978 $3,720 - $1,434 -
1977 $3,253 - $1,102 -
1976 $2,993 - $870 -
1975 $2,841 - $743 -
1974 $3,080 - - -
1973 $3,341 - - -
1972 $3,014 - - -
1971 $3,004 - - -
1970 $2,916 - - -
1969 $3,027 - - -
1968 $2,668 - - -
1967 $2,453 - - -
1966 $2,239 - - -
1965 $2,030 - - -
1964 $1,883 - - -
1963 $1,759 - - -
1962 $1,651 - - -
1961 $1,555 - - -
1960 $1,459 - - -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/bahamas/cyprus | CC BY

The Bahamas' GDP per capita is $39,455, ranking 30/197, compared to $27,707 in Cyprus, ranking 45/197. Adjusted for purchasing power (GDP per capita PPP), the Bahamas ranks 57th at $41,198, while Cyprus ranks 29th at $63,007.

Economic indicators

Bahamas Cyprus
Gross domestic product
$15.8B
2024
$37.6B
2024
GDP rank
140/197
2024
103/197
2024
GDP growth
3.38%
2023-2024
3.94%
2023-2024
GDP per capita
$39,455
2024
$27,707
2024
GDP per capita rank
30/197
2024
45/197
2024
GDP per capita, PPP
$41,198
2024
$63,007
2024
GDP per capita PPP rank
57/197
2024
29/197
2024
Government debt
$11.5B
2024
$24.5B
2024
Debt-to-GDP ratio
72.5%
2024
65.1%
2024
Government debt per person
$28,616
2024
$18,034
2024
Government debt per person rank
25/185
2024
34/185
2024
Average annual personal income after taxes
$29,535
2026
$25,384
2026
Market capitalization of domestic companies n/a
$10.9B
2024
Number of billionaires n/a
10
2025
Income share by richest 10% n/a
26.3%
2023
Income share by poorest 10% n/a
3.6%
2023
Government expenditure, % of GDP
20.6%
2024
40%
2024
Consumer prices inflation
0.41%
2023-2024
1.8%
2023-2024
Central bank interest rate
4%
2016
n/a
Unemployment rate
8.65%
2023
4.87%
2024
Population
405203
1386362

Spending and national debt comparison by year

Bahamas
Spending

Debt
Cyprus
Spending

Debt
1x
Year % of GDP
Bahamas Cyprus
Government spending Government debt Government spending Government debt
2024 20.6% 72.5% 40% 65.1%
2023 22.2% 74.8% 42% 73.6%
2022 23.9% 79.1% 38% 81.1%
2021 26.9% 84.5% 42.6% 96.5%
2020 28.2% 81.9% 45.9% 113.6%
2019 19.9% 59.3% 40.3% 92.3%
2018 19.2% 60.6% 44.3% 100.7%
2017 22.5% 53.4% 38.4% 96.4%
2016 19.4% 51% 39.6% 106.8%
2015 17.9% 48.5% 43% 111.6%
2014 17.6% 46.3% 52.1% 113%
2013 18.4% 44.8% 42.1% 102.7%
2012 16.5% 36.4% 41.9% 79.2%
2011 17.1% 35.3% 42.1% 64.8%
2010 15.3% 33.7% 41.7% 55.3%
2009 15.6% 30.9% 41.9% 52.8%
2008 14.4% 25.5% 38.2% 44.1%
2007 13.3% 23% 37.6% 53.1%
2006 13% 22.8% 39.1% 59%
2005 12.3% 22% 39.7% 64%
2004 12.4% 21.4% 38.6% 64.7%
2003 11.8% 20.9% 40.4% 63%
2002 11.3% 18.8% 37.4% 61%
2001 11.2% 18.2% 35.7% 57.5%
2000 11.3% 18.7% 35% 56%
1999 8.78% 18.7% 34.3% 55.7%
1998 11.6% 20% 34.4% 55%
1997 12.5% 20.8% 34.2% 53.5%
1996 11.2% 20.2% 32.4% 48.8%
1995 11.2% 20.5% 30.4% 46.7%
1994 11.4% 20.4% - -
1993 11.5% 19.8% - -
1992 11.8% 17.9% - -
1991 12% 15.4% - -
1990 11.4% 13.2% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/bahamas/cyprus | CC BY

In 2024, the Bahamas' government spending was $3.26B, accounting for 20.6% of its GDP, while Cyprus spent $15B, or 40% of GDP.

Debt-to-GDP ratio is 72.5% in the Bahamas and 65.1% in Cyprus, ranking 53/185 and 68/185, respectively.

Government deficit by year

Deficit/surplus
Bahamas

Cyprus
1x
Year Deficit/surplus, % of GDP
Bahamas Cyprus
2024 -1.18% 4.28%
2023 -3.49% 1.7%
2022 -5.16% 2.65%
2021 -11.1% -1.64%
2020 -8.09% -5.57%
2019 -1.65% 1.03%
2018 -3.24% -3.36%
2017 -5.92% 2.13%
2016 -2.61% 0.45%
2015 -3.24% -0.77%
2014 -4.38% -8.8%
2013 -5.16% -5.16%
2012 -3.15% -5.55%
2011 -2.87% -5.65%
2010 -2.56% -4.68%
2009 -2.45% -5.43%
2008 -0.83% 0.87%
2007 -0.76% 3.23%
2006 -0.43% -1.04%
2005 -1.11% -2.22%
2004 -1.93% -3.71%
2003 -1.63% -5.91%
2002 -1.62% -4.13%
2001 0.3% -2.11%
2000 0.09% -2.24%
1999 1.68% -4.05%
1998 -0.41% -3.85%
1997 -1.56% -4.82%
1996 -0.15% -2.96%
1995 0.18% -0.71%
1994 -0.39% -
1993 -1.05% -
1992 -2.23% -
1991 -2.29% -
1990 -2.64% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/bahamas/cyprus | CC BY

In 2024, the Bahamas' government deficit, the difference between spending and revenue, was $187M, equivalent to 1.18% of GDP. This compares to Cyprus' surplus of $1.61B, or 4.28% of GDP.

Over the past 30 years, the Bahamas recorded a fiscal deficit in 26 of those years, while Cyprus ran a deficit in 22 years. On average, the Bahamas posted an annual deficit equal to 2.48% of GDP, compared to deficit of 2.27% of GDP for Cyprus.

Inflation comparison by year

Inflation
Bahamas

Cyprus
1x
Year Consumer prices inflation
Bahamas Cyprus
2024 0.41% 1.8%
2023 3.05% 3.54%
2022 5.61% 8.4%
2021 2.9% 2.45%
2020 0.04% -0.64%
2019 2.49% 0.25%
2018 2.27% 1.44%
2017 1.52% 0.53%
2016 -0.35% -1.43%
2015 1.86% -2.1%
2014 1.51% -1.35%
2013 0.72% -0.4%
2012 1.97% 2.39%
2011 3.2% 3.29%
2010 1.34% 2.43%
2009 2.06% 0.33%
2008 4.49% 4.67%
2007 2.49% 2.37%
2006 2.39% 2.3%
2005 1.59% 2.56%
2004 0.98% 2.29%
2003 3.03% 4.14%
2002 2.17% 2.8%
2001 2.04% 1.97%
2000 1.61% 4.14%
1999 1.25% 1.63%
1998 1.34% 2.23%
1997 0.54% 3.61%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/bahamas/cyprus | CC BY

Over the past 28 years, the Bahamas has recorded an average annual inflation rate of 1.95%, compared with 1.99% in Cyprus. In 2024, inflation was 0.41% in the Bahamas and 1.8% in Cyprus.

Top exports between countries

Bahamas
Export category Export value
Cyprus
Export category Export value
Chemicals & pharma $115K
Machinery & equipment $37K

Balance of trade

Bahamas Cyprus
Current account balance
-$1.05B
2024
-$3.07B
2024
Current account balance ranking
127/190
2024
157/190
2024
Current account balance, % of GDP
-6.65%
2024
-8.16%
2024
Goods imports
$4.6B
2024
$11.9B
2024
Goods exports
$874M
2024
$4.43B
2024
Service imports
$2.47B
2024
$23.2B
2024
Service exports
$5.9B
2024
$32.1B
2024
Imports of goods and services, % of GDP
41.5%
2024
93.4%
2024
Exports of goods and services, % of GDP
37.8%
2024
97%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Bahamas Cyprus
Economic freedom 65.1 74.1
Economic freedom ranking 66/197 21/197
Property rights 62.7 85.1
Government integrity 67.1 59.7
Judicial effectiveness 79.8 89.8
Tax burden 96.1 80.8
Government spending 83.8 52.1
Fiscal health 9.1 91.5
Business freedom 69.4 82.3
Labor freedom 66.5 60.3
Monetary freedom 77.2 78.7
Trade freedom 59.4 79.4
Investment freedom 50 70
Financial freedom 60 60

Economic freedom comparison by year

Bahamas
Cyprus
1x
Year Economic freedom index
Bahamas Cyprus
2026 65.1 74.1
2025 63.2 73.2
2024 62.5 72.2
2023 62.6 72.3
2022 68.7 72.9
2021 64.6 71.4
2020 64.5 70.1
2019 62.9 68.1
2018 63.3 67.8
2017 61.1 67.9
2016 70.9 68.7
2015 68.7 67.9
2014 69.8 67.6
2013 70.1 69
2012 68 71.8
2011 68 73.3
2010 67.3 70.9
2009 70.3 70.8
2008 71.1 71.3
2007 72 71.7
2006 72.3 71.8
2005 72.6 71.9
2004 72.1 74.1
2003 73.5 73.3
2002 74.4 73
2001 74.8 71
2000 73.9 67.2
1999 74.7 67.8
1998 74.5 68.2
1997 74.5 67.9
1996 74 67.7
1995 71.8 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/bahamas/cyprus | CC BY

The Economic Freedom Index for the Bahamas is 65.1, ranking 66/197, compared to 74.1 for Cyprus, ranking 21/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bahamas Cyprus
Services, % of GDP
77.2%
2024
76.5%
2024
Industry, % of GDP
9.63%
2024
11.1%
2024
Agriculture, forestry, and fishing, % of GDP
0.51%
2024
1.16%
2024
GNI, Atlas method
$14.9B
2024
$32B
2024
GNI per capita, PPP
$39,550
2024
$56,200
2024
Total reserves including gold
$2.51B
2023
$2.09B
2024
Total reserves ranking
122/177
2023
124/177
2024
Net foreign direct investment
-$77.6M
2024
-$5.49B
2024
Net inflows of foreign direct investment
$241M
2024
-$50.4B
2024
Net outflows of foreign direct investment
$163M
2024
-$55.9B
2024
Poverty at national poverty lines
9.3%
2020
13.9%
2021
Gross capital formation, % of GDP
26.8%
2024
20.7%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/bahamas/cyprus | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2022–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.