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World > North America > Bahamas, The > Economy (Facts)

Bahamas, The - Economy (Facts)
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 archipelago's 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 - real growth rate: 4% (2006 est.)
GDP (purchasing power parity): $6.556 billion (2006 est.)
GDP (official exchange rate): $6.159 billion (2006 est.)
GDP - per capita (PPP): $21,600 (2006 est.)
GDP - composition by sector: agriculture: 3%
industry: 7%
services: 90% (2001 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)
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.)
Budget: revenues: $1.03 billion
expenditures: $1.03 billion; including capital expenditures of $130 million (FY04/05)
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.)
Agriculture - products: citrus, vegetables; poultry
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: Bahamian Dollar (BSD)

Current Bahamian Dollar Exchange Rates
Historical Bahamian Dollar Exchange Rates
Chart Bahamian Dollar Exchange Rates
Currency code: BSD
Exchange rates: Bahamian dollars per US dollar - 1 (2006), 1 (2005), 1 (2004), 1 (2003), 1 (2002)
Fiscal year: 1 July - 30 June


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - Bahamian Dollar Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
Bahamian Dollar Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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