| Economy | 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 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 (purchasing power parity):
|
$8.779 billion (2008 est.)
$8.649 billion (2007)
$8.413 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$28,600 (2008 est.)
$28,300 (2007 est.)
$27,700 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$6.935 billion (2008 est.) |
GDP - real growth rate:
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1.5% (2008 est.)
2.8% (2007 est.)
4.6% (2006 est.) |
GDP - composition by sector:
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agriculture: 3%
industry: 7%
services: 90% (2001 est.) |
Investment (gross fixed):
|
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.) |
Central bank discount rate:
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5.25% (31 December 2007) |
Commercial bank prime lending rate:
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5.5% (31 December 2007) |
Stock of money:
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$1.274 billion (31 December 2007) |
Stock of money - per capita:
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4,121 USD per capita |
Stock of quasi money:
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$4.324 billion (31 December 2007) |
Stock of quasi money - per capita:
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13,987 USD per capita |
Stock of domestic credit:
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$7.395 billion (31 December 2007) |
Stock of domestic credit - per capita:
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23,920 USD per capita |
Labor force:
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181,900 (2006) |
Labor force participation rate:
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58.84 % 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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3,332 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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2.05 billion kWh (2007 est.) |
Electricity - production per capita:
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6,631 kWh per capita |
Electricity - consumption:
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1.793 billion kWh (2006 est.) |
Electricity - consumption - per capita:
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5,800 kWh per capita |
Electricity - exports:
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0 kWh (2007 est.) |
Electricity - imports:
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0 kWh (2007 est.) |
Oil - production:
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0 bbl/day (2007 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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26,830 bbl/day (2006 est.) |
Oil - consumption - per capita:
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31.68 bbl/year per capita |
Oil - exports:
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transshipments of 38,740 bbl/day (2005) |
Oil - imports:
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69,780 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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0 cu m (2007 est.) |
Natural gas - consumption - per capita:
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void |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
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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-4,664 USD per capita |
Exports:
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$674 million (2006) |
Exports per capita:
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2,181 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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US 20.4%, Singapore 15.5%, Spain 14.5%, Poland 14.3%, Germany 6.6%, Guatemala 5.7%, Switzerland 5.2% (2007) |
Imports:
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$2.401 billion (2006) |
Imports per capita:
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7,767 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 26.7%, South Korea 14.1%, Japan 13.5%, Italy 7.5%, Singapore 5.2%, Venezuela 4.5%, Spain 4.3% (2007) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
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$342.6 million (2004 est.) |
Debt - external - per capita:
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1,109 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$NA |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
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void |
Economic aid - recipient:
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$4.78 million (2004) |
Economic aid - recipient per capita:
|
16 USD per capita |
Currency (code):
|
Bahamian dollar (BSD) |
Exchange rates:
|
Bahamian dollars (BSD) per US dollar - 1 (2008 est.), 1 (2007), 1 (2006), 1 (2005), 1 (2004) |
Fiscal year:
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1 July - 30 June |
|
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