Bahamas, The

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Economy overview

The Bahamas is a stable, developing nation with an economy heavily dependent on tourism and offshore banking. Tourism together with tourism-driven construction and manufacturing accounts for approximately 60% of GDP and directly or indirectly employs half of the archipelagos labor force. Steady growth in tourism receipts and a boom in construction of new hotels, resorts, and residences had led to solid GDP growth in recent years, but the slowdown in the US economy and the attacks of 11 September 2001 held back growth in these sectors in 2001-03. The current government has presided over a period of economic recovery and an upturn in large-scale private sector investments in tourism. Financial services constitute the second-most important sector of the Bahamian economy, accounting for about 15% of GDP. However, since December 2000, when the government enacted new regulations on the financial sector, many international businesses have left The Bahamas. Manufacturing and agriculture together contribute approximately a tenth of GDP and show little growth, despite government incentives aimed at those sectors. Overall growth prospects in the short run rest heavily on the fortunes of the tourism sector, which depends on growth in the US, the source of more than 80% of the visitors.

Gdp purchasing power parity

$6.556 billion (2006 est.)

Gdp official exchange rate

$6.159 billion (2006 est.)

Gdp real growth rate

4% (2006 est.)

Gdp per capita ppp

$21,600 (2006 est.)

Gdp composition by sector

agriculture: 3%
industry: 7%
services: 90% (2001 est.)

Labor force

176,300 (2004)

Labor force by occupation

agriculture 5%, industry 5%, tourism 50%, other services 40% (2005 est.)

Unemployment rate

10.2% (2005 est.)

Population below poverty line

9.3% (2004)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: 27% (2000)

Inflation rate consumer prices

1.2% (2004)

Budget

revenues: $1.03 billion
expenditures: $1.03 billion; including capital expenditures of $130 million (FY04/05)

Agriculture products

citrus, vegetables; poultry

Industries

tourism, banking, cement, oil transshipment, salt, rum, aragonite, pharmaceuticals, spiral-welded steel pipe

Industrial production growth rate

NA%

Electricity production

1.795 billion kWh (2004)

Electricity consumption

1.669 billion kWh (2004)

Electricity exports

0 kWh (2004)

Electricity imports

0 kWh (2004)

Oil production

0 bbl/day (2004)

Oil consumption

27,000 bbl/day (2004 est.)

Oil exports

transshipments of 41,290 bbl/day (2004)

Oil imports

NA bbl/day

Oil proved reserves

0 bbl

Natural gas production

0 cu m (2004 est.)

Natural gas consumption

0 cu m (2004 est.)

Exports

$451 million (2005 est.)

Exports commodities

mineral products and salt, animal products, rum, chemicals, fruit and vegetables

Exports partners

Spain 23.3%, US 20.7%, Poland 14.1%, Germany 7.2%, UK 6%, Guatemala 5.1% (2006)

Imports

$2.16 billion (2005 est.)

Imports commodities

machinery and transport equipment, manufactures, chemicals, mineral fuels; food and live animals

Imports partners

US 20.9%, South Korea 17.9%, Brazil 16.8%, Japan 11.1%, Spain 6.1% (2006)

Debt external

$342.6 million (2004 est.)

Economic aid recipient

$5 million (2004)

Currency code

Bahamian dollar (BSD)

Exchange rates

Bahamian dollars per US dollar - 1 (2006), 1 (2005), 1 (2004), 1 (2003), 1 (2002)

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This page was last updated on 16 September, 2007
Source: CIA >>>


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