Economy Of Bahamas, The - Bahamas, The Information

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Economy Of Bahamas, The
Bahamas, The Information - Country Guides

Economy overview	The Bahamas is a stable, developing nation with an economy heavily dependent on tourism and offshore banking. Tourism alone accounts for more than 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. 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. In addition to tourism and banking, the government supports the development of a "third pillar," e-commerce.
GDP	purchasing power parity - $5.049 billion (2004 est.)
GDP - real growth rate	0% (2004 est.)
GDP - per capita	purchasing power parity - $16,700 (2004 est.)
GDP - composition by sector	agriculture: 3% industry: 7% services: 90% (2001 est.)
Investment gross fixed
Population below poverty line	NA
Household income or consumption by percentage share	lowest 10%: na highest 10%: na
Distribution of family income - Gini index
Inflation rate consumer prices	1.7% (2002 est.)
Labor force	156,000 (1999)
Labor force by occupation	agriculture 5%, industry 5%, tourism 50%, other services 40% (1999 est.)
Unemployment rate	6.9% (2001 est.)
Budget	revenues: $918.5 million expenditures: $956.5 million, including capital expenditures of $106.7 million (fy99/00)
Public debt
Agriculture products	citrus, vegetables; poultry
Industries	tourism, banking, e-commerce, cement, oil refining and transshipment, salt, rum, aragonite, pharmaceuticals, spiral-welded steel pipe
Industrial production growth rate	NA (2002 est.)
Electricity production	1.56 billion kWh (2001)
Electricity production by source	fossil fuel: 100% hydro: 0% other: 0% (2001) nuclear: 0%
Electricity consumption	1.451 billion kWh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	0 bbl/day (2001 est.)
Oil consumption	23,000 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves
Natural gas production
Natural gas consumption
Natural gas exports
Natural gas imports
Natural gas proved reserves
Current account balance
Exports	$617 million (2002 est.)
Exports commodities	fish and crawfish; rum, salt, chemicals; fruit and vegetables
Exports partners	US 35%, Spain 9.6%, Germany 7.8%, France 7.6%, Poland 5.3%, Switzerland 4.8%, Peru 4.2%, Paraguay 4.2% (2003)
Imports	$1.614 billion (2002 est.)
Imports commodities	machinery and transport equipment, manufactures, chemicals, mineral fuels; food and live animals
Imports partners	US 20.8%, South Korea 17.4%, Italy 11.4%, France 9.1%, Brazil 7.5%, Japan 5.6%, Venezuela 5.3% (2003)
Reserves of foreign exchange gold
Debt external	$308.5 million (2002)
Economic aid recipient	$9.8 million (1995)
Currency	Bahamian dollar (BSD)
Currency code	BSD
Exchange rates	Bahamian dollars per US dollar - 1 (2003), 1 (2002), 1 (2001), 1 (2000), 1 (1999)
Fiscal year	1 July - 30 June

Bahamian Flag Map Of Bahamas, The

Economy Of Bahamas, TheBahamas, The Information - Country Guides

Economy Of Bahamas, The
Bahamas, The Information - Country Guides