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Economy of Bahamas vs Luxembourg compared: GDP & Debt

Updated on by Georank team

The Bahamas has a GDP of $15.8B compared to $93.3B for Luxembourg, ranking 140/197 and 74/197 by economy size, respectively.

The Bahamas has $11.5B in government debt (72.5% of GDP), compared to $24.5B (26.3% of GDP) in Luxembourg.

Bahamas vs Luxembourg GDP by year

Bahamas
Luxembourg
1x
Year GDP, current $
Bahamas Luxembourg
2024 $15,832,800,000 $93,279,851,863
2023 $15,271,300,000 $88,788,881,539
2022 $13,896,800,000 $80,801,680,397
2021 $12,037,000,000 $86,386,759,695
2020 $10,363,200,000 $73,670,782,100
2019 $13,277,000,000 $69,872,035,114
2018 $12,819,200,000 $71,085,623,495
2017 $12,446,900,000 $65,712,180,343
2016 $11,880,900,000 $62,216,885,436
2015 $11,837,600,000 $60,071,584,216
2014 $11,139,100,000 $68,804,811,898
2013 $10,475,300,000 $65,203,276,467
2012 $10,720,400,000 $59,776,383,527
2011 $10,070,450,000 $61,696,281,326
2010 $10,095,760,000 $56,213,985,987
2009 $9,981,960,000 $54,467,289,898
2008 $10,526,000,000 $58,844,277,702
2007 $10,618,340,000 $51,587,401,416
2006 $10,167,250,000 $42,910,146,296
2005 $9,836,200,000 $37,672,280,120
2004 $9,055,290,000 $35,064,843,793
2003 $8,870,090,000 $29,667,268,248
2002 $8,881,160,000 $23,649,833,332
2001 $8,317,830,000 $21,387,533,703
2000 $8,076,470,000 $21,230,182,989
1999 $7,683,870,000 $21,899,317,599
1998 $6,833,220,000 $20,150,053,345
1997 $6,332,360,000 $19,563,836,265
1996 $3,609,000,000 $20,895,314,658
1995 $3,429,000,000 $20,853,093,870
1994 $3,259,000,000 $17,701,798,891
1993 $3,092,000,000 $15,925,521,222
1992 $3,109,000,000 $15,518,702,635
1991 $3,111,160,000 $13,834,219,728
1990 $3,166,000,000 $12,778,792,854
1989 $3,062,000,000 $10,037,674,038
1988 $2,817,900,000 $9,418,167,855
1987 $2,713,999,900 $8,320,902,215
1986 $2,472,500,000 $6,685,595,088
1985 $2,320,699,900 $4,577,211,767
1984 $2,041,100,000 $4,438,435,493
1983 $1,732,800,000 $4,524,217,751
1982 $1,578,300,000 $4,602,316,793
1981 $1,426,500,000 $5,053,665,797
1980 $1,335,300,000 $6,019,805,490
1979 $1,139,800,100 $5,516,982,664
1978 $832,400,000 $4,718,539,772
1977 $713,000,000 $3,789,321,328
1976 $642,100,000 $3,423,586,207
1975 $596,200,000 $3,123,333,333
1974 $632,400,000 $3,183,637,117
1973 $670,900,000 $2,609,875,802
1972 $590,900,000 $1,901,697,370
1971 $573,400,000 $1,518,773,421
1970 $539,500,000 $1,457,768,455
1969 $538,700,000 $1,245,432,991
1968 $453,800,000 $1,075,561,623
1967 $398,000,000 $983,052,315
1966 $346,800,000 $976,717,015
1965 $300,272,048 $929,477,285
1964 $266,560,043 $910,877,686
1963 $237,650,038 $797,902,154
1962 $212,170,034 $747,846,862
1961 $190,022,030 $710,163,719
1960 $169,736,027 $709,941,874

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

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

GDP per capita in Bahamas vs Luxembourg by year

Bahamas
GDP per capita

GDP per capita, PPP
Luxembourg
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bahamas Luxembourg
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $39,455 $41,198 $137,782 $155,941
2023 $38,232 $39,090 $133,231 $150,508
2022 $34,957 $36,791 $123,720 $146,919
2021 $30,368 $31,065 $134,966 $136,772
2020 $26,179 $27,205 $116,860 $122,067
2019 $33,640 $36,116 $112,697 $121,372
2018 $32,642 $35,228 $116,927 $116,638
2017 $31,875 $34,282 $110,193 $114,986
2016 $30,617 $32,285 $106,899 $113,365
2015 $30,719 $32,138 $105,462 $107,860
2014 $29,137 $31,726 $123,679 $105,296
2013 $27,643 $30,294 $120,000 $100,925
2012 $28,552 $31,036 $112,585 $96,636
2011 $27,091 $30,074 $119,025 $94,475
2010 $27,473 $29,625 $110,886 $90,336
2009 $27,513 $29,197 $109,420 $86,919
2008 $29,392 $30,679 $120,422 $90,971
2007 $30,052 $31,232 $107,475 $85,126
2006 $29,185 $30,402 $90,789 $78,861
2005 $28,602 $29,143 $80,988 $68,788
2004 $26,650 $27,660 $76,545 $64,686
2003 $26,429 $27,031 $65,689 $60,192
2002 $26,782 $27,171 $53,006 $58,576
2001 $25,372 $26,351 $48,440 $56,136
2000 $24,940 $25,422 $48,660 $55,136
1999 $24,041 $24,184 $50,872 $49,845
1998 $21,667 $22,556 $47,445 $44,270
1997 $20,368 $21,606 $46,642 $42,488
1996 $11,784 $21,287 $50,444 $39,722
1995 $11,375 $20,377 $51,032 $38,345
1994 $10,991 $19,441 $43,933 $37,551
1993 $10,613 $18,781 $40,067 $35,899
1992 $10,873 $18,636 $39,571 $34,108
1991 $11,082 $19,296 $35,747 $33,191
1990 $11,473 $19,817 $33,465 $29,949
1989 $11,291 - $26,618 -
1988 $10,576 - $25,219 -
1987 $10,361 - $22,443 -
1986 $9,601 - $18,150 -
1985 $9,167 - $12,482 -
1984 $8,202 - $12,127 -
1983 $7,081 - $12,374 -
1982 $6,559 - $12,591 -
1981 $6,029 - $13,837 -
1980 $5,743 - $16,531 -
1979 $4,994 - $15,204 -
1978 $3,720 - $13,034 -
1977 $3,253 - $10,486 -
1976 $2,993 - $9,491 -
1975 $2,841 - $8,701 -
1974 $3,080 - $8,967 -
1973 $3,341 - $7,447 -
1972 $3,014 - $5,487 -
1971 $3,004 - $4,435 -
1970 $2,916 - $4,298 -
1969 $3,027 - $3,690 -
1968 $2,668 - $3,203 -
1967 $2,453 - $2,935 -
1966 $2,239 - $2,925 -
1965 $2,030 - $2,804 -
1964 $1,883 - $2,779 -
1963 $1,759 - $2,462 -
1962 $1,651 - $2,332 -
1961 $1,555 - $2,241 -
1960 $1,459 - $2,261 -

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

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

The Bahamas' GDP per capita is $39,455, ranking 30/197, compared to $137,782 in Luxembourg, ranking 3/197. Adjusted for purchasing power (GDP per capita PPP), the Bahamas ranks 57th at $41,198, while Luxembourg ranks 1st at $155,941.

Economic indicators

Bahamas Luxembourg
Gross domestic product
$15.8B
2024
$93.3B
2024
GDP rank
140/197
2024
74/197
2024
GDP growth
3.38%
2023-2024
0.36%
2023-2024
GDP per capita
$39,455
2024
$137,782
2024
GDP per capita rank
30/197
2024
3/197
2024
GDP per capita, PPP
$41,198
2024
$155,941
2024
GDP per capita PPP rank
57/197
2024
1/197
2024
Government debt
$11.5B
2024
$24.5B
2024
Debt-to-GDP ratio
72.5%
2024
26.3%
2024
Government debt per person
$28,616
2024
$36,221
2024
Government debt per person rank
25/185
2024
19/185
2024
Average annual personal income after taxes
$29,535
2026
$69,593
2026
Market capitalization of domestic companies n/a
$41.9B
2024
Number of billionaires n/a
1
2025
Income share by richest 10% n/a
25%
2023
Income share by poorest 10% n/a
2.8%
2023
Government expenditure, % of GDP
20.6%
2024
46.9%
2024
Consumer prices inflation
0.41%
2023-2024
2.05%
2023-2024
Central bank interest rate
4%
2016
n/a
Unemployment rate
8.65%
2023
6.42%
2024
Population
405203
693885

Spending and national debt comparison by year

Bahamas
Spending

Debt
Luxembourg
Spending

Debt
1x
Year % of GDP
Bahamas Luxembourg
Government spending Government debt Government spending Government debt
2024 20.6% 72.5% 46.9% 26.3%
2023 22.2% 74.8% 46.4% 24.7%
2022 23.9% 79.1% 44.3% 24.9%
2021 26.9% 84.5% 42.4% 24.2%
2020 28.2% 81.9% 47% 24.5%
2019 19.9% 59.3% 43.1% 22.3%
2018 19.2% 60.6% 42.3% 20.9%
2017 22.5% 53.4% 41.3% 21.8%
2016 19.4% 51% 40% 19.6%
2015 17.9% 48.5% 40.4% 21.1%
2014 17.6% 46.3% 40.6% 21.9%
2013 18.4% 44.8% 41.2% 22.4%
2012 16.5% 36.4% 41.8% 20.8%
2011 17.1% 35.3% 41.5% 18.5%
2010 15.3% 33.7% 42% 19.1%
2009 15.6% 30.9% 42.7% 15.3%
2008 14.4% 25.5% 37.9% 14.6%
2007 13.3% 23% 37.4% 8.09%
2006 13% 22.8% 39.4% 8.21%
2005 12.3% 22% 43.4% 7.95%
2004 12.4% 21.4% 43.7% 7.83%
2003 11.8% 20.9% 43.3% 7.43%
2002 11.3% 18.8% 41.8% 7.45%
2001 11.2% 18.2% 38.1% 7.62%
2000 11.3% 18.7% 38% 7.49%
1999 8.78% 18.7% 41.7% 8.39%
1998 11.6% 20% 43.9% 9.51%
1997 12.5% 20.8% 44.2% 10.1%
1996 11.2% 20.2% 42.5% 10.2%
1995 11.2% 20.5% 42% 10.3%
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/luxembourg | CC BY

In 2024, the Bahamas' government spending was $3.26B, accounting for 20.6% of its GDP, while Luxembourg spent $43.7B, or 46.9% of GDP.

Debt-to-GDP ratio is 72.5% in the Bahamas and 26.3% in Luxembourg, ranking 53/185 and 162/185, respectively.

Government deficit by year

Deficit/surplus
Bahamas

Luxembourg
1x
Year Deficit/surplus, % of GDP
Bahamas Luxembourg
2024 -1.18% 1.03%
2023 -3.49% -0.78%
2022 -5.16% 0.18%
2021 -11.1% 1%
2020 -8.09% -3.09%
2019 -1.65% 2.68%
2018 -3.24% 3.17%
2017 -5.92% 1.37%
2016 -2.61% 1.89%
2015 -3.24% 1.3%
2014 -4.38% 1.33%
2013 -5.16% 0.84%
2012 -3.15% 0.5%
2011 -2.87% 0.65%
2010 -2.56% -0.26%
2009 -2.45% -0.21%
2008 -0.83% 3.37%
2007 -0.76% 4.35%
2006 -0.43% 1.9%
2005 -1.11% -0.21%
2004 -1.93% -1.39%
2003 -1.63% 0.28%
2002 -1.62% 2.03%
2001 0.3% 5.62%
2000 0.09% 5.55%
1999 1.68% 3.24%
1998 -0.41% 2.98%
1997 -1.56% 2.65%
1996 -0.15% 2.37%
1995 0.18% 2.71%
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/luxembourg | 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 Luxembourg's surplus of $961M, or 1.03% of GDP.

Over the past 30 years, the Bahamas recorded a fiscal deficit in 26 of those years, while Luxembourg ran a deficit in 6 years. On average, the Bahamas posted an annual deficit equal to 2.48% of GDP, compared to surplus of 1.57% of GDP for Luxembourg.

Inflation comparison by year

Inflation
Bahamas

Luxembourg
1x
Year Consumer prices inflation
Bahamas Luxembourg
2024 0.41% 2.05%
2023 3.05% 3.74%
2022 5.61% 6.34%
2021 2.9% 2.53%
2020 0.04% 0.82%
2019 2.49% 1.74%
2018 2.27% 1.53%
2017 1.52% 1.73%
2016 -0.35% 0.29%
2015 1.86% 0.47%
2014 1.51% 0.63%
2013 0.72% 1.73%
2012 1.97% 2.66%
2011 3.2% 3.41%
2010 1.34% 2.27%
2009 2.06% 0.37%
2008 4.49% 3.4%
2007 2.49% 2.31%
2006 2.39% 2.67%
2005 1.59% 2.49%
2004 0.98% 2.23%
2003 3.03% 2.05%
2002 2.17% 2.07%
2001 2.04% 2.66%
2000 1.61% 3.15%
1999 1.25% 1.03%
1998 1.34% 0.96%
1997 0.54% 1.37%

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

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

Over the past 28 years, the Bahamas has recorded an average annual inflation rate of 1.95%, compared with 2.1% in Luxembourg. In 2024, inflation was 0.41% in the Bahamas and 2.05% in Luxembourg.

Top exports between countries

Bahamas
Export category Export value
Luxembourg
Export category Export value
Metals $1.13M
Machinery & equipment $346K
Miscellaneous $39K
Chemicals & pharma $2K

Balance of trade

Bahamas Luxembourg
Current account balance
-$1.05B
2024
$4.1B
2024
Current account balance ranking
127/190
2024
35/190
2024
Current account balance, % of GDP
-6.65%
2024
+4.4%
2024
Goods imports
$4.6B
2024
$29.4B
2024
Goods exports
$874M
2024
$31.3B
2024
Service imports
$2.47B
2024
$117B
2024
Service exports
$5.9B
2024
$150B
2024
Imports of goods and services, % of GDP
41.5%
2024
159.7%
2024
Exports of goods and services, % of GDP
37.8%
2024
191.5%
2024

Economic freedom indices

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

Bahamas Luxembourg
Economic freedom 65.1 79.7
Economic freedom ranking 66/197 7/197
Property rights 62.7 96.6
Government integrity 67.1 88.7
Judicial effectiveness 79.8 99.1
Tax burden 96.1 62.3
Government spending 83.8 36.9
Fiscal health 9.1 98.6
Business freedom 69.4 89.5
Labor freedom 66.5 56.7
Monetary freedom 77.2 74.1
Trade freedom 59.4 79.4
Investment freedom 50 95
Financial freedom 60 80

Economic freedom comparison by year

Bahamas
Luxembourg
1x
Year Economic freedom index
Bahamas Luxembourg
2026 65.1 79.7
2025 63.2 79.5
2024 62.5 79.2
2023 62.6 78.4
2022 68.7 80.6
2021 64.6 76
2020 64.5 75.8
2019 62.9 75.9
2018 63.3 76.4
2017 61.1 75.9
2016 70.9 73.9
2015 68.7 73.2
2014 69.8 74.2
2013 70.1 74.2
2012 68 74.5
2011 68 76.2
2010 67.3 75.4
2009 70.3 75.2
2008 71.1 74.7
2007 72 74.6
2006 72.3 75.3
2005 72.6 76.3
2004 72.1 78.9
2003 73.5 79.9
2002 74.4 79.4
2001 74.8 80.1
2000 73.9 76.4
1999 74.7 72.4
1998 74.5 72.7
1997 74.5 72.8
1996 74 72.5
1995 71.8 -

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

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

The Economic Freedom Index for the Bahamas is 65.1, ranking 66/197, compared to 79.7 for Luxembourg, ranking 7/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bahamas Luxembourg
Services, % of GDP
77.2%
2024
81.2%
2024
Industry, % of GDP
9.63%
2024
9.66%
2024
Agriculture, forestry, and fishing, % of GDP
0.51%
2024
0.21%
2024
GNI, Atlas method
$14.9B
2024
$57.3B
2024
GNI per capita, PPP
$39,550
2024
$110,650
2024
Total reserves including gold
$2.51B
2023
$2.79B
2024
Total reserves ranking
122/177
2023
119/177
2024
Net foreign direct investment
-$77.6M
2024
$21.4B
2024
Net inflows of foreign direct investment
$241M
2024
$106B
2024
Net outflows of foreign direct investment
$163M
2024
$109B
2024
Poverty at national poverty lines
9.3%
2020
17.3%
2021
Gross capital formation, % of GDP
26.8%
2024
15.8%
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/luxembourg | 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 (2020–2024, 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.