| 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. Prior to 2006, a steady growth in tourism receipts and a boom in construction of new hotels, resorts, and residences led to solid GDP growth but since then tourism receipts have begun to drop off. The global recession in 2009 took a sizeable toll on the Bahamas, resulting in a contraction in GDP and a widening budget deficit. The decline was reversed in 2010-11 as tourism from the US and sector investment returned. 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, the financial sector currently is smaller than it has been in the past because of the enactment of new and stricter financial regulations in 2000 that caused many international businesses to relocate elsewhere. 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):
|
$10.81 billion (2011 est.)
$10.61 billion (2010 est.)
$10.51 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$30,900 (2011 est.)
$30,600 (2010 est.)
$30,700 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$8.1 billion (2011 est.) |
GDP - real growth rate:
|
2% (2011 est.)
1% (2010 est.)
-5.4% (2009 est.) |
GDP - composition by sector:
|
agriculture: 1.6%
industry: 8%
services: 90.4% (2011 est.) |
Investment (gross fixed):
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30.1% of GDP (2011 est.) |
Population below poverty line:
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9.3% (2004) |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: 27% (2000) |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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3.4% (2011 est.)
1.3% (2010 est.) |
Central bank discount rate:
|
5.25% (31 December 2010 est.)
5.25% (31 December 2009 est.) |
Commercial bank prime lending rate:
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5.5% (31 December 2011 est.)
5.5% (31 December 2010 est.) |
Stock of money:
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$1.255 billion (31 December 2008)
$1.274 billion (31 December 2007) |
Stock of money - per capita:
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4,006 USD per capita |
Stock of quasi money:
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$4.637 billion (31 December 2008)
$4.324 billion (31 December 2007) |
Stock of quasi money - per capita:
|
14,800 USD per capita |
Stock of domestic credit:
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$8.8 billion (31 December 2011 est.)
$8.5 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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28,088 USD per capita |
Stock of narrow money:
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$1.387 billion (31 December 2011 est.)
$1.31 billion (31 December 2010 est.) |
Stock of broad money:
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$6.427 billion (31 December 2011 est.)
$6.15 billion (31 December 2010 est.) |
Labor force:
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184,000 (2009) |
Labor force participation rate:
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58.73 % 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.) |
Unemployment, youth ages 15-24:
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total: 18.9%
male: 16.7%
female: 21.7% (2007) |
Budget:
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revenues: $1.5 billion
expenditures: $1.7 billion (2011 est.) |
Budget revenues per capita:
|
4,788 USD per capita |
Taxes and other revenues:
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18.5% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-2.5% of GDP (2011 est.) |
Public debt:
|
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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1.945 billion kWh (2009 est.) |
Electricity - production per capita:
|
6,208 kWh per capita |
Electricity - consumption:
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1.907 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
6,087 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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35,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
40.77 bbl/year per capita |
Oil - exports:
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transshipments of 41,610 bbl/day (2009 est.) |
Oil - imports:
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70,990 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2009 est.) |
Agriculture - products:
|
citrus, vegetables; poultry |
Current account balance:
|
-$1.146 billion (2011 est.)
-$899.9 million (2010 est.) |
Current account balance - per capita:
|
-3,657 USD per capita |
Exports:
|
$709.7 million (2011 est.)
$702.4 million (2010 est.) |
Exports per capita:
|
2,266 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 35.9%, Singapore 18.1%, Germany 15.6%, Dominican Republic 7.9% (2010) |
Imports:
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$2.854 billion (2011 est.)
$2.591 billion (2010 est.) |
Imports per capita:
|
9,110 USD per capita |
Imports - commodities:
|
machinery and transport equipment, manufactures, chemicals, mineral fuels; food and live animals |
Imports - partners:
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US 23.6%, Venezuela 19.3%, South Korea 11.3%, France 8%, India 7.5%, Japan 6.7%, Singapore 5.4%, China 4.6% (2010) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$342.6 million (2004 est.) |
Debt - external - per capita:
|
1,094 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:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
Bahamian dollar (BSD) |
Exchange rates:
|
Bahamian dollars (BSD) per US dollar -
1 (2011 est.)
1 (2010 est.)
1 (2008)
1 (2007) |
Fiscal year:
|
1 July - 30 June |
|
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