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Economy of Bahamas vs Rwanda compared: GDP & Debt

Updated on by Georank

The Bahamas has a GDP of $15.8B compared to $16.4B for Rwanda, ranking 145/197 and 142/197 by economy size, respectively.

The Bahamas has $11.7B in government debt (73.8% of GDP), compared to $10.6B (64.6% of GDP) in Rwanda.

Bahamas vs Rwanda GDP by year

Bahamas
Rwanda
1x
Year GDP, current $
Bahamas Rwanda
2025 - $16,372,132,990
2024 $15,832,800,000 $15,111,064,182
2023 $15,271,300,000 $14,806,501,437
2022 $13,896,800,000 $13,747,404,814
2021 $12,037,000,000 $11,252,894,910
2020 $10,363,200,000 $10,487,146,253
2019 $13,277,000,000 $10,519,272,170
2018 $12,819,200,000 $9,650,161,136
2017 $12,446,900,000 $9,164,345,443
2016 $11,880,900,000 $8,596,812,241
2015 $11,837,600,000 $8,447,064,079
2014 $11,139,100,000 $8,129,984,484
2013 $10,475,300,000 $7,714,276,920
2012 $10,720,400,000 $7,556,673,276
2011 $10,070,450,000 $6,802,676,034
2010 $10,095,760,000 $6,052,276,078
2009 $9,981,960,000 $5,603,399,015
2008 $10,526,000,000 $5,120,655,375
2007 $10,618,340,000 $4,017,977,507
2006 $10,167,250,000 $3,274,207,945
2005 $9,836,200,000 $2,933,819,766
2004 $9,055,290,000 $2,376,496,067
2003 $8,870,090,000 $2,138,237,279
2002 $8,881,160,000 $1,966,003,468
2001 $8,317,830,000 $1,966,600,715
2000 $8,076,470,000 $2,068,836,754
1999 $7,683,870,000 $2,157,108,263
1998 $6,833,220,000 $1,989,343,546
1997 $6,332,360,000 $1,851,558,197
1996 $3,609,000,000 $1,382,334,879
1995 $3,429,000,000 $1,293,535,193
1994 $3,259,000,000 $753,636,370
1993 $3,092,000,000 $1,971,525,712
1992 $3,109,000,000 $2,029,026,962
1991 $3,111,160,000 $1,911,600,237
1990 $3,166,000,000 $2,550,185,679
1989 $3,062,000,000 $2,405,022,593
1988 $2,817,900,000 $2,395,492,687
1987 $2,713,999,900 $2,157,432,668
1986 $2,472,500,000 $1,944,710,684
1985 $2,320,699,900 $1,715,626,331
1984 $2,041,100,000 $1,587,413,084
1983 $1,732,800,000 $1,479,687,587
1982 $1,578,300,000 $1,407,243,139
1981 $1,426,500,000 $1,407,062,527
1980 $1,335,300,000 $1,254,765,642
1979 $1,139,800,100 $1,109,346,131
1978 $832,400,000 $905,709,076
1977 $713,000,000 $746,650,613
1976 $642,100,000 $637,753,853
1975 $596,200,000 $571,863,500
1974 $632,400,000 $308,458,423
1973 $670,900,000 $290,746,157
1972 $590,900,000 $246,457,838
1971 $573,400,000 $222,952,504
1970 $539,500,000 $219,900,006
1969 $538,700,000 $188,700,037
1968 $453,800,000 $172,200,018
1967 $398,000,000 $159,560,018
1966 $346,800,000 $124,525,703
1965 $300,272,048 $148,799,980
1964 $266,560,043 $129,999,994
1963 $237,650,038 $128,000,000
1962 $212,170,034 $125,000,008
1961 $190,022,030 $122,000,016
1960 $169,736,027 $119,000,024

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Bahamas vs Rwanda by year

Bahamas
GDP per capita

GDP per capita, PPP
Rwanda
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bahamas Rwanda
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 - - $1,124 -
2024 $39,455 $41,198 $1,060 $3,711
2023 $38,232 $39,090 $1,061 $3,399
2022 $34,957 $36,791 $1,007 $3,099
2021 $30,368 $31,065 $843 $2,733
2020 $26,179 $27,205 $803 $2,285
2019 $33,640 $36,116 $823 $2,336
2018 $32,642 $35,228 $773 $2,125
2017 $31,875 $34,282 $751 $1,968
2016 $30,617 $32,285 $721 $1,866
2015 $30,719 $32,138 $726 $1,781
2014 $29,137 $31,726 $715 $1,678
2013 $27,643 $30,294 $695 $1,512
2012 $28,552 $31,036 $698 $1,455
2011 $27,091 $30,074 $643 $1,413
2010 $27,473 $29,625 $587 $1,314
2009 $27,513 $29,197 $557 $1,241
2008 $29,392 $30,679 $522 $1,191
2007 $30,052 $31,232 $421 $1,079
2006 $29,185 $30,402 $352 $1,002
2005 $28,602 $29,143 $324 $914
2004 $26,650 $27,660 $269.5 $832
2003 $26,429 $27,031 $249 $775
2002 $26,782 $27,171 $234 $760
2001 $25,372 $26,351 $237.3 $670
2000 $24,940 $25,422 $251.9 $609
1999 $24,041 $24,184 $264.7 $554
1998 $21,667 $22,556 $246.2 $528
1997 $20,368 $21,606 $238.7 $500
1996 $11,784 $21,287 $206 $499
1995 $11,375 $20,377 $228 $514
1994 $10,991 $19,441 $111 $311
1993 $10,613 $18,781 $247 $521
1992 $10,873 $18,636 $264.1 $575
1991 $11,082 $19,296 $254 $542
1990 $11,473 $19,817 $346 $549
1989 $11,291 - $335 -
1988 $10,576 - $344 -
1987 $10,361 - $320 -
1986 $9,601 - $297.7 -
1985 $9,167 - $271.6 -
1984 $8,202 - $259.9 -
1983 $7,081 - $250.6 -
1982 $6,559 - $246.4 -
1981 $6,029 - $254.6 -
1980 $5,743 - $234.4 -
1979 $4,994 - $213.8 -
1978 $3,720 - $179.9 -
1977 $3,253 - $152.7 -
1976 $2,993 - $134.4 -
1975 $2,841 - $124.1 -
1974 $3,080 - $68.9 -
1973 $3,341 - $66.9 -
1972 $3,014 - $58.4 -
1971 $3,004 - $54.4 -
1970 $2,916 - $55.2 -
1969 $3,027 - $48.9 -
1968 $2,668 - $46 -
1967 $2,453 - $44 -
1966 $2,239 - $35.4 -
1965 $2,030 - $43.5 -
1964 $1,883 - $39 -
1963 $1,759 - $39.3 -
1962 $1,651 - $39.2 -
1961 $1,555 - $39.3 -
1960 $1,459 - $39.4 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

The Bahamas' GDP per capita is $39,455, ranking 30/197, compared to $1,124 in Rwanda, ranking 178/197. Adjusted for purchasing power (GDP per capita PPP), the Bahamas ranks 57th at $41,198, while Rwanda ranks 168th at $3,711.

Economic indicators

Bahamas Rwanda
Gross domestic product
$15.8B
2024
$16.4B
2025
GDP rank
145/197
2024
142/197
2025
GDP growth
3.38%
2023-2024
9.38%
2024-2025
GDP per capita
$39,455
2024
$1,124
2025
GDP per capita rank
30/197
2024
178/197
2025
GDP per capita, PPP
$41,198
2024
$3,711
2024
GDP per capita PPP rank
57/197
2024
168/197
2024
Government debt
$11.7B
2024
$10.6B
2025
Debt-to-GDP ratio
73.8%
2025
64.6%
2025
Government debt per person
$29,123
2024
$726
2025
Government debt per person rank
25/185
2024
155/185
2025
Average annual personal income after taxes
$36,621
2026
$1,614
2026
Market capitalization of domestic companies n/a
$3.2B
2025
Income share by richest 10% n/a
33.4%
2023
Income share by poorest 10% n/a
3.1%
2023
Government expenditure, % of GDP
21.5%
2025
24.1%
2025
Consumer prices inflation
0.41%
2023-2024
5.91%
2024-2025
Central bank interest rate
4%
2016
6.75%
2025
Unemployment rate
10.3%
2023
5.36%
2025
Population
405486
15062056

Spending and national debt comparison by year

Bahamas
Spending

Debt
Rwanda
Spending

Debt
1x
Year % of GDP
Bahamas Rwanda
Government spending Government debt Government spending Government debt
2025 21.5% 73.8% 24.1% 64.6%
2024 21% 73.8% 27.1% 63.4%
2023 23.2% 78.3% 26.2% 61.4%
2022 25.6% 84.7% 28.7% 59%
2021 28.9% 90.7% 31% 66.2%
2020 24.8% 71.9% 32.5% 66.7%
2019 20.3% 60.3% 27.7% 52.8%
2018 19.4% 61.5% 26.3% 49.2%
2017 23.1% 54.6% 25.3% 46.1%
2016 19.4% 51.1% 25.4% 41.5%
2015 18.4% 49.9% 26.9% 33.5%
2014 18.1% 47.7% 27.8% 29.5%
2013 18.1% 44.2% 26.5% 27%
2012 17% 37.6% 24.9% 19.3%
2011 17.1% 35.3% 25% 18.9%
2010 15.4% 33.9% 24.1% 19%
2009 15.2% 30.1% 22.6% 18.7%
2008 14.3% 25.3% 22.7% 18.5%
2007 13.6% 23.5% 22.7% 22.4%
2006 13.2% 23.2% 20.9% 22.8%
2005 12.9% 23% 20.2% 59.8%
2004 12.5% 21.6% 18.1% 82.1%
2003 11.8% 20.8% 18.8% 80.7%
2002 11.6% 19.4% 20.7% 93.4%
2001 11.4% 18.5% 19.3% 85.2%
2000 11.6% 19.2% 18.5% 87.2%
1999 9.3% 19.8% 22.7% 79.5%
1998 12% 20.8% 16.6% 71.1%
1997 12.9% 21.5% 17.2% 73.3%
1996 11.5% 20.7% 19.8% 84.6%
1995 11.5% 21% 18.3% 102.2%
1994 11.7% 20.9% 13.5% -
1993 11.5% 19.7% 20.6% -
1992 11.8% 17.9% 21.8% -
1991 11.9% 15.3% - -
1990 11.4% 13.2% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

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

In 2025, the Bahamas' government spending was $3.32B, accounting for 21.5% of its GDP, while Rwanda spent $3.95B, or 24.1% of GDP.

Debt-to-GDP ratio is 73.8% in the Bahamas and 64.6% in Rwanda, ranking 52/185 and 68/185, respectively.

Government deficit by year

Deficit/surplus
Bahamas

Rwanda
1x
Year Deficit/surplus, % of GDP
Bahamas Rwanda
2025 -0.49% -4.49%
2024 -1.2% -6.19%
2023 -3.65% -4.88%
2022 -5.53% -5.56%
2021 -11.9% -6.89%
2020 -7.11% -9.26%
2019 -1.68% -5%
2018 -3.28% -2.57%
2017 -6.05% -2.54%
2016 -2.61% -2.3%
2015 -3.34% -2.71%
2014 -4.51% -3.97%
2013 -5.1% -1.29%
2012 -3.25% -2.41%
2011 -2.87% -0.87%
2010 -2.57% -0.65%
2009 -2.39% 0.26%
2008 -0.82% 0.84%
2007 -0.77% -1.58%
2006 -0.44% -0.03%
2005 -1.16% 1.14%
2004 -1.95% 2.31%
2003 -1.63% -1.25%
2002 -1.67% -2.06%
2001 0.3% -1.83%
2000 0.09% -0.22%
1999 1.78% -4.48%
1998 -0.43% -2.63%
1997 -1.6% -2.25%
1996 -0.15% -5.08%
1995 0.18% -2.07%
1994 -0.4% -9.68%
1993 -1.05% -6.7%
1992 -2.23% -7.31%
1991 -2.27% -
1990 -2.64% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

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

In 2024, the Bahamas' government deficit, the difference between spending and revenue, was $190M, equivalent to 1.2% of GDP. This compares to Rwanda's deficit of $936M, or 6.19% of GDP.

Over the past 33 years, the Bahamas recorded a fiscal deficit in 29 of those years, while Rwanda ran a deficit in 29 years. On average, the Bahamas posted an annual deficit equal to 2.39% of GDP, compared to deficit of 3.02% of GDP for Rwanda.

Inflation comparison by year

Inflation
Bahamas

Rwanda
1x
Year Consumer prices inflation
Bahamas Rwanda
2025 - 5.91%
2024 0.41% 1.77%
2023 3.05% 19.8%
2022 5.61% 17.7%
2021 2.9% -0.39%
2020 0.04% 9.85%
2019 2.49% 3.35%
2018 2.27% -0.31%
2017 1.52% 8.28%
2016 -0.35% 7.17%
2015 1.86% 2.53%
2014 1.51% 2.35%
2013 0.72% 5.92%
2012 1.97% 10.3%
2011 3.2% 3.08%
2010 1.34% -0.25%
2009 2.06% 12.9%
2008 4.49% 15.4%
2007 2.49% 9.08%
2006 2.39% 8.88%
2005 1.59% 9.01%
2004 0.98% 12.3%
2003 3.03% 7.45%
2002 2.17% 1.99%
2001 2.04% 3.34%
2000 1.61% 3.9%
1999 1.25% -2.41%
1998 1.34% 6.21%
1997 0.54% 12%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 28 years, the Bahamas has recorded an average annual inflation rate of 1.95%, compared with 6.83% in Rwanda. In 2024, inflation was 0.41% in the Bahamas and 5.91% in Rwanda.

Balance of trade

Bahamas Rwanda
Current account balance
-$1.05B
2024
-$1.81B
2024
Current account balance ranking
120/190
2024
136/190
2024
Current account balance, % of GDP
-6.65%
2024
-12%
2024
Goods imports
$4.6B
2024
$5.55B
2024
Goods exports
$874M
2024
$3.2B
2024
Service imports
$2.47B
2024
$991M
2024
Service exports
$5.9B
2024
$1.08B
2024
Imports of goods and services, % of GDP
41.5%
2024
35.1%
2025
Exports of goods and services, % of GDP
37.8%
2024
21.6%
2025

Economic freedom indices

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

Bahamas Rwanda
Economic freedom 65.1 56.5
Economic freedom ranking 66/197 121/197
Property rights 62.7 60.3
Government integrity 67.1 53.9
Judicial effectiveness 79.8 27.5
Tax burden 96.1 80.6
Government spending 83.8 75.7
Fiscal health 9.1 37.5
Business freedom 69.4 60.1
Labor freedom 66.5 49.1
Monetary freedom 77.2 72.3
Trade freedom 59.4 61.8
Investment freedom 50 60
Financial freedom 60 40

Economic freedom comparison by year

Bahamas
Rwanda
1x
Year Economic freedom index
Bahamas Rwanda
2026 65.1 56.5
2025 63.2 54.8
2024 62.5 51.6
2023 62.6 52.2
2022 68.7 57.1
2021 64.6 68.3
2020 64.5 70.9
2019 62.9 71.1
2018 63.3 69.1
2017 61.1 67.6
2016 70.9 63.1
2015 68.7 64.8
2014 69.8 64.7
2013 70.1 64.1
2012 68 64.9
2011 68 62.7
2010 67.3 59.1
2009 70.3 54.2
2008 71.1 54.2
2007 72 52.4
2006 72.3 52.8
2005 72.6 51.7
2004 72.1 53.3
2003 73.5 47.8
2002 74.4 50.4
2001 74.8 45.4
2000 73.9 42.3
1999 74.7 39.8
1998 74.5 39.1
1997 74.5 38.3
1996 74 -
1995 71.8 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for the Bahamas is 65.1, ranking 66/197, compared to 56.5 for Rwanda, ranking 121/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bahamas Rwanda
Services, % of GDP
77.2%
2024
52.3%
2025
Industry, % of GDP
9.63%
2024
22%
2025
Agriculture, forestry, and fishing, % of GDP
0.51%
2024
20.3%
2025
GNI, Atlas method
$14.9B
2024
$16.7B
2025
GNI per capita, PPP
$39,610
2024
$4,070
2025
Total reserves including gold
$2.63B
2024
$1.96B
2025
Total reserves ranking
123/177
2024
128/177
2025
Net foreign direct investment
-$77.6M
2024
-$560M
2024
Net inflows of foreign direct investment
$241M
2024
$573M
2024
Net outflows of foreign direct investment
$163M
2024
$13.2M
2024
Servicing debt to the IMF, % of GNI n/a
2.91%
2024
Poverty at national poverty lines
9.3%
2020
27.4%
2023
Gross capital formation, % of GDP
26.8%
2024
34.1%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  6. LivingCost (2026, retrieved 2026-07-08)
  7. Central Intelligence Agency (CIA) (2020, retrieved 2026-07-08)

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.