Bahamas



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Bahamas Economy 2008


Economy - overview: The Bahamas is one of the wealthiest Caribbean countries 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 tourist arrivals have been on the decline since 2006. Financial services constitute the second-most important sector of the Bahamian economy and, when combined with business services, account for about 36% 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 combined 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. Tourism, in turn, depends on growth in the US, the source of more than 80% of the visitors.
GDP (purchasing power parity): $8.553 billion (2007 est.)
GDP (official exchange rate): $6.586 billion (2007 est.)
GDP - real growth rate: 2.8% (2007 est.)
GDP - per capita (PPP): $28,000 (2007 est.)
GDP - composition by sector: agriculture: 3% industry: 7% services: 90% (2001 est.)
Labor force: 181,900 (2006)
Labor force - by occupation: agriculture 5%, industry 5%, tourism 50%, other services 40% (2005 est.)
Unemployment rate: 7.6% (2006 est.)
Household income or consumption by percentage share: lowest 10%: NA% highest 10%: 27% (2000)
Budget: revenues: $1.03 billion expenditures: $1.03 billion (FY04/05)
Inflation rate (consumer prices): 2.4% (2007 est.)
Central bank discount rate: 5.25% (31 December 2007)
Commercial bank prime lending rate: 5.5% (31 December 2007)
Stock of money: $1.274 billion (31 December 2007)
Stock of quasi money: $4.324 billion (31 December 2007)
Stock of domestic credit: $7.395 billion (31 December 2007)
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: 2.05 billion kWh (2007 est.)
Electricity - consumption: 1.793 billion kWh (2006 est.)
Electricity - exports: 0 kWh (2007 est.)
Electricity - imports: 0 kWh (2007 est.)
Oil - production: 0 bbl/day (2007 est.)
Oil - consumption: 26,830 bbl/day (2006 est.)
Oil - exports: transshipments of 38,740 bbl/day (2005)
Oil - imports: 69,780 bbl/day (2005)
Oil - proved reserves: 0 bbl (1 January 2006 est.)
Natural gas - production: 0 cu m (2007 est.)
Natural gas - consumption: 0 cu m (2007 est.)
Natural gas - exports: 0 cu m (2007 est.)
Natural gas - imports: 0 cu m (2007 est.)
Natural gas - proved reserves: 0 cu m (1 January 2006 est.)
Current account balance: -$1.442 billion (2007 est.)
Exports: $674 million (2006)
Exports - commodities: mineral products and salt, animal products, rum, chemicals, fruit and vegetables
Exports - partners: US 20.4%, Singapore 15.5%, Spain 14.5%, Poland 14.3%, Germany 6.6%, Guatemala 5.7%, Switzerland 5.2% (2007)
Imports: $2.401 billion (2006)
Imports - commodities: machinery and transport equipment, manufactures, chemicals, mineral fuels; food and live animals
Imports - partners: US 26.7%, South Korea 14.1%, Japan 13.5%, Italy 7.5%, Singapore 5.2%, Venezuela 4.5%, Spain 4.3% (2007)
Debt - external: $342.6 million (2004 est.)
Market value of publicly traded shares: $NA
Currency (code): Bahamian dollar (BSD)
Exchange rates: Bahamian dollars (BSD) per US dollar - 1 (2007), 1 (2006), 1 (2005), 1 (2004), 1 (2003)

NOTE: The economy information regarding Bahamas on this page is re-published from the 2008 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Bahamas Economy 2008 information contained here. All suggestions for corrections of any errors about Bahamas Economy 2008 should be addressed to the CIA.