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Economy of Bahamas vs Papua New Guinea compared: GDP & Debt

Updated on by Georank team

The Bahamas has a GDP of $15.8B compared to $31.8B for Papua New Guinea, ranking 140/197 and 110/197 by economy size, respectively.

The Bahamas has $11.5B in government debt (72.5% of GDP), compared to $16.6B (52.1% of GDP) in Papua New Guinea.

Bahamas vs Papua New Guinea GDP by year

Bahamas
Papua New Guinea
1x
Year GDP, current $
Bahamas Papua New Guinea
2024 $15,832,800,000 $31,800,428,266
2023 $15,271,300,000 $30,816,367,067
2022 $13,896,800,000 $31,653,185,953
2021 $12,037,000,000 $26,109,413,521
2020 $10,363,200,000 $23,848,447,850
2019 $13,277,000,000 $24,750,626,030
2018 $12,819,200,000 $24,109,780,708
2017 $12,446,900,000 $22,742,699,138
2016 $11,880,900,000 $20,758,876,953
2015 $11,837,600,000 $21,723,437,010
2014 $11,139,100,000 $23,210,823,987
2013 $10,475,300,000 $21,261,338,065
2012 $10,720,400,000 $21,295,168,666
2011 $10,070,450,000 $17,985,138,066
2010 $10,095,760,000 $14,250,786,675
2009 $9,981,960,000 $11,619,456,449
2008 $10,526,000,000 $11,670,892,801
2007 $10,618,340,000 $9,545,028,944
2006 $10,167,250,000 $8,354,911,041
2005 $9,836,200,000 $4,865,892,972
2004 $9,055,290,000 $3,927,157,867
2003 $8,870,090,000 $3,536,411,824
2002 $8,881,160,000 $2,999,511,040
2001 $8,317,830,000 $3,081,024,212
2000 $8,076,470,000 $3,521,339,699
1999 $7,683,870,000 $3,477,038,204
1998 $6,833,220,000 $3,789,443,015
1997 $6,332,360,000 $4,936,615,299
1996 $3,609,000,000 $5,155,311,077
1995 $3,429,000,000 $4,636,057,476
1994 $3,259,000,000 $5,502,786,070
1993 $3,092,000,000 $4,974,550,286
1992 $3,109,000,000 $4,377,980,510
1991 $3,111,160,000 $3,787,394,958
1990 $3,166,000,000 $3,219,729,083
1989 $3,062,000,000 $3,546,472,566
1988 $2,817,900,000 $3,656,177,881
1987 $2,713,999,900 $3,143,851,794
1986 $2,472,500,000 $2,647,995,602
1985 $2,320,699,900 $2,423,339,172
1984 $2,041,100,000 $2,552,662,617
1983 $1,732,800,000 $2,562,351,551
1982 $1,578,300,000 $2,368,719,683
1981 $1,426,500,000 $2,498,190,847
1980 $1,335,300,000 $2,545,808,456
1979 $1,139,800,100 $2,293,760,511
1978 $832,400,000 $1,947,878,831
1977 $713,000,000 $1,640,746,619
1976 $642,100,000 $1,511,843,235
1975 $596,200,000 $1,356,603,608
1974 $632,400,000 $1,467,417,672
1973 $670,900,000 $1,299,079,410
1972 $590,900,000 $858,761,926
1971 $573,400,000 $717,750,278
1970 $539,500,000 $645,568,215
1969 $538,700,000 $551,263,864
1968 $453,800,000 $485,184,190
1967 $398,000,000 $441,728,183
1966 $346,800,000 $390,992,063
1965 $300,272,048 $344,176,055
1964 $266,560,043 $305,312,049
1963 $237,650,038 $275,968,044
1962 $212,170,034 $261,184,042
1961 $190,022,030 $244,832,039
1960 $169,736,027 $230,496,037

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

GeoRank.org/economy/bahamas/papua-new-guinea | CC BY

GDP per capita in Bahamas vs Papua New Guinea by year

Bahamas
GDP per capita

GDP per capita, PPP
Papua New Guinea
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bahamas Papua New Guinea
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $39,455 $41,198 $3,007 $4,875
2023 $38,232 $39,090 $2,966 $4,668
2022 $34,957 $36,791 $3,102 $4,420
2021 $30,368 $31,065 $2,608 $3,977
2020 $26,179 $27,205 $2,430 $3,900
2019 $33,640 $36,116 $2,576 $4,060
2018 $32,642 $35,228 $2,566 $3,910
2017 $31,875 $34,282 $2,478 $3,923
2016 $30,617 $32,285 $2,316 $3,813
2015 $30,719 $32,138 $2,485 $3,670
2014 $29,137 $31,726 $2,723 $3,500
2013 $27,643 $30,294 $2,561 $3,110
2012 $28,552 $31,036 $2,635 $3,026
2011 $27,091 $30,074 $2,288 $2,919
2010 $27,473 $29,625 $1,867 $2,912
2009 $27,513 $29,197 $1,569 $2,692
2008 $29,392 $30,679 $1,625 $2,583
2007 $30,052 $31,232 $1,371 $2,622
2006 $29,185 $30,402 $1,238 $2,444
2005 $28,602 $29,143 $744 $2,322
2004 $26,650 $27,660 $621 $2,187
2003 $26,429 $27,031 $577 $2,142
2002 $26,782 $27,171 $506 $2,125
2001 $25,372 $26,351 $538 $2,168
2000 $24,940 $25,422 $636 $2,196
1999 $24,041 $24,184 $650 $2,280
1998 $21,667 $22,556 $733 $2,285
1997 $20,368 $21,606 $990 $2,432
1996 $11,784 $21,287 $1,071 $2,578
1995 $11,375 $20,377 $998 $2,436
1994 $10,991 $19,441 $1,228 $2,558
1993 $10,613 $18,781 $1,151 $2,451
1992 $10,873 $18,636 $1,051 $2,100
1991 $11,082 $19,296 $942 $1,869
1990 $11,473 $19,817 $826 $1,703
1989 $11,291 - $934 -
1988 $10,576 - $985 -
1987 $10,361 - $865 -
1986 $9,601 - $745 -
1985 $9,167 - $697 -
1984 $8,202 - $750 -
1983 $7,081 - $769 -
1982 $6,559 - $726 -
1981 $6,029 - $781 -
1980 $5,743 - $813 -
1979 $4,994 - $748 -
1978 $3,720 - $648 -
1977 $3,253 - $558 -
1976 $2,993 - $525 -
1975 $2,841 - $482 -
1974 $3,080 - $533 -
1973 $3,341 - $483 -
1972 $3,014 - $327 -
1971 $3,004 - $279.7 -
1970 $2,916 - $257.6 -
1969 $3,027 - $225.3 -
1968 $2,668 - $202.9 -
1967 $2,453 - $189 -
1966 $2,239 - $171.1 -
1965 $2,030 - $153.9 -
1964 $1,883 - $139.5 -
1963 $1,759 - $128.9 -
1962 $1,651 - $124.7 -
1961 $1,555 - $119.7 -
1960 $1,459 - $115.5 -

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

GeoRank.org/economy/bahamas/papua-new-guinea | CC BY

The Bahamas' GDP per capita is $39,455, ranking 30/197, compared to $3,007 in Papua New Guinea, ranking 140/197. Adjusted for purchasing power (GDP per capita PPP), the Bahamas ranks 57th at $41,198, while Papua New Guinea ranks 159th at $4,875.

Economic indicators

Bahamas Papua New Guinea
Gross domestic product
$15.8B
2024
$31.8B
2024
GDP rank
140/197
2024
110/197
2024
GDP growth
3.38%
2023-2024
3.8%
2023-2024
GDP per capita
$39,455
2024
$3,007
2024
GDP per capita rank
30/197
2024
140/197
2024
GDP per capita, PPP
$41,198
2024
$4,875
2024
GDP per capita PPP rank
57/197
2024
159/197
2024
Government debt
$11.5B
2024
$16.6B
2024
Debt-to-GDP ratio
72.5%
2024
52.1%
2024
Government debt per person
$28,616
2024
$1,566
2024
Government debt per person rank
25/185
2024
129/185
2024
Average annual personal income after taxes
$29,535
2026
$2,362
2026
Market capitalization of domestic companies n/a
$1.68B
2017
Income share by richest 10% n/a
31%
2009
Income share by poorest 10% n/a
1.9%
2009
Government expenditure, % of GDP
20.6%
2024
20.4%
2024
Consumer prices inflation
0.41%
2023-2024
0.6%
2023-2024
Central bank interest rate
4%
2016
5%
2025
Unemployment rate
8.65%
2023
2.69%
2022
Population
405203
11002753

Spending and national debt comparison by year

Bahamas
Spending

Debt
Papua New Guinea
Spending

Debt
1x
Year % of GDP
Bahamas Papua New Guinea
Government spending Government debt Government spending Government debt
2024 20.6% 72.5% 20.4% 52.1%
2023 22.2% 74.8% 22.3% 53.9%
2022 23.9% 79.1% 21.9% 48.2%
2021 26.9% 84.5% 22% 52.6%
2020 28.2% 81.9% 23.5% 48.7%
2019 19.9% 59.3% 21.3% 38.2%
2018 19.2% 60.6% 20.3% 36.7%
2017 22.5% 53.4% 18.4% 32.5%
2016 19.4% 51% 20.9% 33.7%
2015 17.9% 48.5% 22.8% 29.9%
2014 17.6% 46.3% 27.1% 26.9%
2013 18.4% 44.8% 27.6% 24.9%
2012 16.5% 36.4% 22.4% 19.1%
2011 17.1% 35.3% 19.7% 16.3%
2010 15.3% 33.7% 18.4% 17.3%
2009 15.6% 30.9% 24.7% 21.7%
2008 14.4% 25.5% 19.8% 21.6%
2007 13.3% 23% 18% 22.2%
2006 13% 22.8% 19.4% 26%
2005 12.3% 22% 20.6% 31.6%
2004 12.4% 21.4% 19.4% 37.2%
2003 11.8% 20.9% 18.7% 40.4%
2002 11.3% 18.8% 20.8% 48.4%
2001 11.2% 18.2% 21.6% 47.7%
2000 11.3% 18.7% 20.5% 42.3%
1999 8.78% 18.7% 21.4% 41.8%
1998 11.6% 20% 20% 45.7%
1997 12.5% 20.8% 20.6% 43.9%
1996 11.2% 20.2% 17.6% 37.8%
1995 11.2% 20.5% 17.1% 36.6%
1994 11.4% 20.4% 19.3% 40.1%
1993 11.5% 19.8% 23.5% 30%
1992 11.8% 17.9% 22.8% 30.4%
1991 12% 15.4% 22.4% -
1990 11.4% 13.2% 24.5% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1992–1993, retrieved 2026-02-20).

GeoRank.org/economy/bahamas/papua-new-guinea | CC BY

In 2024, the Bahamas' government spending was $3.26B, accounting for 20.6% of its GDP, while Papua New Guinea spent $6.48B, or 20.4% of GDP.

Debt-to-GDP ratio is 72.5% in the Bahamas and 52.1% in Papua New Guinea, ranking 53/185 and 100/185, respectively.

Government deficit by year

Deficit/surplus
Bahamas

Papua New Guinea
1x
Year Deficit/surplus, % of GDP
Bahamas Papua New Guinea
2024 -1.18% -3.23%
2023 -3.49% -4.34%
2022 -5.16% -5.25%
2021 -11.1% -6.84%
2020 -8.09% -8.85%
2019 -1.65% -4.98%
2018 -3.24% -2.58%
2017 -5.92% -2.47%
2016 -2.61% -4.75%
2015 -3.24% -4.55%
2014 -4.38% -6.27%
2013 -5.16% -6.87%
2012 -3.15% -1.19%
2011 -2.87% 2.22%
2010 -2.56% 3.06%
2009 -2.45% -5.48%
2008 -0.83% 2.73%
2007 -0.76% 6.9%
2006 -0.43% 5.34%
2005 -1.11% 2.85%
2004 -1.93% 2.03%
2003 -1.63% 0.19%
2002 -1.62% -1.75%
2001 0.3% -1.33%
2000 0.09% 0.3%
1999 1.68% -1.94%
1998 -0.41% -0.16%
1997 -1.56% 0.67%
1996 -0.15% 2.05%
1995 0.18% 1.08%
1994 -0.39% -1.01%
1993 -1.05% -4.9%
1992 -2.23% -4.33%
1991 -2.29% -0.62%
1990 -2.64% -2.04%

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

GeoRank.org/economy/bahamas/papua-new-guinea | 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 Papua New Guinea's deficit of $1.03B, or 3.23% of GDP.

Over the past 35 years, the Bahamas recorded a fiscal deficit in 31 of those years, while Papua New Guinea ran a deficit in 23 years. On average, the Bahamas posted an annual deficit equal to 2.37% of GDP, compared to deficit of 1.61% of GDP for Papua New Guinea.

Inflation comparison by year

Inflation
Bahamas

Papua New Guinea
1x
Year Consumer prices inflation
Bahamas Papua New Guinea
2024 0.41% 0.6%
2023 3.05% 2.3%
2022 5.61% 5.25%
2021 2.9% 4.48%
2020 0.04% 4.87%
2019 2.49% 3.93%
2018 2.27% 4.37%
2017 1.52% 5.42%
2016 -0.35% 6.67%
2015 1.86% 6%
2014 1.51% 5.22%
2013 0.72% 4.96%
2012 1.97% 4.54%
2011 3.2% 4.44%
2010 1.34% 6.01%
2009 2.06% 6.92%
2008 4.49% 10.8%
2007 2.49% 0.91%
2006 2.39% 2.37%
2005 1.59% 1.78%
2004 0.98% 2.16%
2003 3.03% 14.7%
2002 2.17% 11.8%
2001 2.04% 9.3%
2000 1.61% 15.6%
1999 1.25% 14.9%
1998 1.34% 13.6%
1997 0.54% 3.96%

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

GeoRank.org/economy/bahamas/papua-new-guinea | CC BY

Over the past 28 years, the Bahamas has recorded an average annual inflation rate of 1.95%, compared with 6.35% in Papua New Guinea. In 2024, inflation was 0.41% in the Bahamas and 0.6% in Papua New Guinea.

Balance of trade

Bahamas Papua New Guinea
Current account balance
-$1.05B
2024
$4.77B
2024
Current account balance ranking
127/190
2024
33/190
2024
Current account balance, % of GDP
-6.65%
2024
+15%
2024
Goods imports
$4.6B
2024
$4.69B
2024
Goods exports
$874M
2024
$13.4B
2024
Service imports
$2.47B
2024
$2.4B
2024
Service exports
$5.9B
2024
$75.2M
2024
Imports of goods and services, % of GDP
41.5%
2024
58.9%
2004
Exports of goods and services, % of GDP
37.8%
2024
72.2%
2004

Economic freedom indices

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

Bahamas Papua New Guinea
Economic freedom 65.1 54.3
Economic freedom ranking 66/197 134/197
Property rights 62.7 45
Government integrity 67.1 30.8
Judicial effectiveness 79.8 41.1
Tax burden 96.1 70.9
Government spending 83.8 86.1
Fiscal health 9.1 65.3
Business freedom 69.4 34.2
Labor freedom 66.5 65.1
Monetary freedom 77.2 77.4
Trade freedom 59.4 80.2
Investment freedom 50 25
Financial freedom 60 30

Economic freedom comparison by year

Bahamas
Papua New Guinea
1x
Year Economic freedom index
Bahamas Papua New Guinea
2026 65.1 54.3
2025 63.2 52.5
2024 62.5 49.4
2023 62.6 51.7
2022 68.7 54.6
2021 64.6 58.9
2020 64.5 58.4
2019 62.9 58.4
2018 63.3 55.7
2017 61.1 50.9
2016 70.9 53.2
2015 68.7 53.1
2014 69.8 53.9
2013 70.1 53.6
2012 68 53.8
2011 68 52.6
2010 67.3 53.5
2009 70.3 54.8
2008 71.1 -
2007 72 -
2006 72.3 -
2005 72.6 -
2004 72.1 -
2003 73.5 -
2002 74.4 -
2001 74.8 57.2
2000 73.9 55.8
1999 74.7 56.3
1998 74.5 55.2
1997 74.5 56.7
1996 74 58.6
1995 71.8 -

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

GeoRank.org/economy/bahamas/papua-new-guinea | CC BY

The Economic Freedom Index for the Bahamas is 65.1, ranking 66/197, compared to 54.3 for Papua New Guinea, ranking 134/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bahamas Papua New Guinea
Services, % of GDP
77.2%
2024
41.5%
2024
Industry, % of GDP
9.63%
2024
37.2%
2024
Agriculture, forestry, and fishing, % of GDP
0.51%
2024
17.2%
2024
GNI, Atlas method
$14.9B
2024
$30.7B
2024
GNI per capita, PPP
$39,550
2024
$4,580
2024
Total reserves including gold
$2.51B
2023
$3.9B
2023
Total reserves ranking
122/177
2023
107/177
2023
Net foreign direct investment
-$77.6M
2024
$968M
2024
Net inflows of foreign direct investment
$241M
2024
-$198M
2024
Net outflows of foreign direct investment
$163M
2024
$770M
2024
Servicing debt to the IMF, % of GNI n/a
19.7%
2024
Poverty at national poverty lines
9.3%
2020
39.9%
2009
Gross capital formation, % of GDP
26.8%
2024
20%
2004

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/papua-new-guinea | 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. International Monetary Fund (IMF) | Public Finances in Modern History (1992–1993, retrieved 2026-02-20)
  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.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

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.