| People | The Bahamas |
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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):
|
$8.332 billion (2007 est.) |
GDP (official exchange rate):
|
$6.586 billion (2007 est.) |
GDP - real growth rate:
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3.1% (2007 est.) |
GDP - per capita (PPP):
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$25,000 (2007 est.) |
GDP - composition by sector:
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agriculture: 3%
industry: 7%
services: 90% (2001 est.) |
Investment (gross fixed):
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void |
Population below poverty line:
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9.3% (2004) |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: 27% (2000) |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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2.4% (2007 est.) |
Labor force:
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181,900 (2006) |
Labor force participation rate:
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59.16 % of population |
Labor force - by occupation:
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agriculture 5%, industry 5%, tourism 50%, other services 40% (2005 est.) |
Unemployment rate:
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7.6% (2006 est.) |
Budget:
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revenues: $1.03 billion
expenditures: $1.03 billion (FY04/05) |
Budget revenues per capita:
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3,351 USD per capita |
Public debt:
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void |
Industries:
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tourism, banking, cement, oil transshipment, salt, rum, aragonite, pharmaceuticals, spiral-welded steel pipe |
Industrial production growth rate:
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NA% |
Electricity - production:
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1.894 billion kWh (2005) |
Electricity - production per capita:
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6,161 kWh per capita |
Electricity - consumption:
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1.762 billion kWh (2005) |
Electricity - consumption - per capita:
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5,731 kWh per capita |
Electricity - exports:
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0 kWh (2005) |
Electricity - imports:
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0 kWh (2005) |
Oil - production:
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0 bbl/day (2005) |
Oil - production per capita:
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void |
Oil - consumption:
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26,000 bbl/day (2005 est.) |
Oil - consumption - per capita:
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30.87 bbl/year per capita |
Oil - exports:
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transshipments of 41,290 bbl/day (2004) |
Oil - imports:
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68,250 bbl/day (2004) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2005 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2005 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2005 est.) |
Natural gas - imports:
|
0 cu m (2005) |
Natural gas - proved reserves:
|
0 cu m (1 January 2006 est.) |
Agriculture - products:
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citrus, vegetables; poultry |
Current account balance:
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-$1.442 billion (2007 est.) |
Current account balance - per capita:
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-4,690 USD per capita |
Exports:
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$674 million (2006) |
Exports per capita:
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2,193 USD per capita |
Exports - commodities:
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mineral products and salt, animal products, rum, chemicals, fruit and vegetables |
Exports - partners:
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Spain 22.8%, US 20.2%, Poland 13.8%, Germany 11.2%, UK 5.8%, Guatemala 5% (2006) |
Imports:
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$2.401 billion (2006) |
Imports per capita:
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7,810 USD per capita |
Imports - commodities:
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machinery and transport equipment, manufactures, chemicals, mineral fuels; food and live animals |
Imports - partners:
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US 24.7%, Brazil 15.7%, Japan 13.1%, South Korea 7.8%, Spain 6.2% (2006) |
Reserves of foreign exchange and gold:
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void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
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$342.6 million (2004 est.) |
Debt - external - per capita:
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1,115 USD per capita |
Stock of direct foreign investment - at home:
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void |
Stock of direct foreign investment - abroad:
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void |
Market value of publicly traded shares:
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$NA |
Economic aid - donor:
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void |
Economic aid - recipient:
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$4.78 million (2004) |
Economic aid - recipient per capita:
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16 USD per capita |
Currency (code):
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Bahamian dollar (BSD) |
Exchange rates:
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Bahamian dollars per US dollar - 1 (2007), 1 (2006), 1 (2005), 1 (2004), 1 (2003) |
Fiscal year:
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1 July - 30 June |
|
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