Short facts about the economy in Bahamas
| 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 40% of the archipelago's labor force. Moderate growth in tourism
receipts and a boom in construction of new hotels, resorts, and residences led
to an increase of the country's GDP by an estimated 3% in 1998, 6% in 1999, and
4.5% in 2000. Manufacturing and agriculture together contribute only 10% of GDP
and show little growth, despite government incentives aimed at those sectors.
Overall growth prospects in the short run will depend heavily on the fortunes of
the tourism sector and continued sturdy growth in the US, which accounts for the
majority of tourist visitors. |
| GDP: |
purchasing power parity - $4.5 billion
(2000 est.) |
| GDP - real
growth rate: |
4.5% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $15,000 (2000
est.) |
| GDP -
composition by sector: |
agriculture:
3%
industry: 7%
services: 90% (1999
est.) |
| Population
below poverty line: |
NA% |
| Household
income or consumption by percentage share: |
lowest 10%:
NA%
highest 10%: NA% |
| Inflation
rate (consumer prices): |
1.9% (2000
est.) |
| Labor
force: |
156,000
(1999) |
| Labor force
- by occupation: |
tourism 40%, other services 50%,
industry 5%, agriculture 5% (1995 est.) |
| Unemployment
rate: |
9% (1998
est.) |
| Budget: |
revenues: $766
million
expenditures: $845 million, including capital
expenditures of $97 million (FY97/98) |
| Industries: |
tourism, banking, cement, oil refining
and transshipment, salt, rum, aragonite, pharmaceuticals, spiral-welded steel
pipe |
| Industrial
production growth rate: |
NA% |
| Electricity
- production: |
1.465 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel:
100%
hydro: 0%
nuclear: 0%
other:
0% (1999) |
| Electricity
- consumption: |
1.362 billion kWh
(1999) |
| Electricity
- exports: |
0 kWh
(1999) |
| Electricity
- imports: |
0 kWh
(1999) |
| Agriculture
- products: |
citrus, vegetables;
poultry |
| Exports: |
$376.8 million (2000
est.) |
| Exports -
commodities: |
pharmaceuticals, cement, rum, crawfish,
refined petroleum products |
| Exports -
partners: |
US 22.3%, Switzerland 15.6%, UK 15%,
Denmark 7.4% (1998) |
| Imports: |
$1.73 billion (2000
est.) |
| Imports -
commodities: |
foodstuffs, manufactured goods, crude
oil, vehicles, electronics |
| Imports -
partners: |
US 27.3%, Italy 26.5%, Japan 10%,
Denmark 4.2% (1998) |
| Debt -
external: |
$385.8 million (2000
est.) |
| Economic aid
- recipient: |
$9.8 million
(1995) |
| Currency: |
Bahamian dollar
(BSD) |
| Exchange
rates: |
Bahamian dollars per US dollar - 1.000
(fixed rate pegged to the dollar) |
| Fiscal
year: |
1 July - 30 June | Source: World Factbook |
