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Bahamas, The Economy
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 (2003 est.)
GDP - real growth rate:
0% (2003 est.)
GDP - per capita:
purchasing power parity - $16,700 (2003 est.)
GDP - composition by sector:
agriculture: 3%
industry: 7%
services: 90% (2001 est.)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
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)
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)
Agriculture - products:
citrus, vegetables; poultry
Exports:
$617 million (2002 est.)
Exports - commodities:
fish and crawfish; rum, salt, chemicals; fruit and vegetables
Exports - partners:
US 39.4%, Spain 10.8%, Germany 8.7%, France 8.6%, Peru 4.8%, Mexico 4.4%, Switzerland 4.1% (2003 est.)
Imports:
$1.614 billion (2002 est.)
Imports - commodities:
machinery and transport equipment, manufactures, chemicals, mineral fuels; food and live animals
Imports - partners:
South Korea 19.7%, US 18.2%, Italy 10%, Norway 9.7%, France 7.9%, Japan 4.9%, Venezuela 4.6% (2003 est.)
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
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