Bahamas, The flag

The Economy of Bahamas, The

Bahamian Economy

Bahamas, The's map

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 and will likely drop even further in 2009. Tourism, in turn, depends on growth in the US, the source of more than 80% of the visitors. To help offset the effect of the global economic downturn, particularly on employment, the INGRAHAM administration plans to engage in infrastructure projects. 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.

GDP:

GDP - real growth rate: 1.5% (2008 est.) 2.8% (2007 est.) 4.6% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 3% industry: 7% services: 90% (2001 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: 27% (2000)

Distribution of family income - Gini index:

Inflation rate (consumer prices):

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.)

Budget: revenues: $1.03 billion expenditures: $1.03 billion (FY04/05)

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 - production by source:

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.)

Agriculture - products: citrus, vegetables; poultry

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.)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Bahamian dollars (BSD) per US dollar - 1 (2008 est.), 1 (2007), 1 (2006), 1 (2005), 1 (2004)

Fiscal year: