|
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 almost half of the archipelago's labor force. Steady
growth in tourism receipts and a boom in construction of new hotels,
resorts, and residences have led to solid GDP growth in recent years.
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 the majority of tourist visitors. |
|
GDP:
|
purchasing power parity - $5
billion (2001 est.) |
|
GDP - real growth rate:
|
4% (2001)
|
|
GDP - per capita:
|
purchasing power parity -
$16,800 |
|
GDP - composition by sector:
|
agriculture: 3%
industry: 7%
services: 100% |
|
Population below poverty line:
|
NA%
|
|
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
|
Inflation rate (consumer prices):
|
2%
|
|
Labor force:
|
156,000 (1999)
|
|
Labor force - by occupation:
|
tourism 40%, other services
50%, industry 5%, agriculture 5% |
|
Unemployment rate:
|
7%
|
|
Budget:
|
revenues: $918.5
million
expenditures: $956.5 million, including capital expenditures of
$106.7 million (FY99/00) |
|
Industries:
|
tourism, banking, cement, oil
refining and transshipment, salt, rum, aragonite, pharmaceuticals,
spiral-welded steel pipe |
|
Industrial production growth rate:
|
NA%
|
|
Electricity - production:
|
1.54 billion kWh (2000)
|
|
Electricity - production by source:
|
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0% |
|
Electricity - consumption:
|
1.432 billion kWh (2000)
|
|
Electricity - exports:
|
0 kWh (2000)
|
|
Electricity - imports:
|
0 kWh (2000)
|
|
Agriculture - products:
|
citrus, vegetables; poultry
|
|
Exports:
|
$535.8 million (2000)
|
|
Exports - commodities:
|
fish and crawfish; rum, salt,
chemicals; fruit and vegetables (1999) |
|
Exports - partners:
|
US 28.2%, France 16.5%,
Germany 14.1%, UK 12.4% (2000) |
|
Imports:
|
$1.88 billion (2000)
|
|
Imports - commodities:
|
machinery and transport
equipment, manufactures, chemicals, mineral fuels; food and live animals
(1999) |
|
Imports - partners:
|
US 31.6%, South Korea 18.2%,
Italy 17.4%, Japan 5.8% (2000) |
|
Debt - external:
|
$381.9 million (2000)
|
|
Economic aid - recipient:
|
$9.8 million (1995)
|
|
Currency:
|
Bahamian dollar (BSD)
|
|
Currency code:
|
BSD
|
|
Exchange rates:
|
Bahamian dollars per US
dollar - 1.000 (fixed rate pegged to the dollar) |
|
Fiscal year:
|
1 July - 30 June
|
