Bahamas, The Economy 2001

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)

Currency code: BSD

Exchange rates: Bahamian dollars per US dollar - 1.000 (fixed rate pegged to the dollar)

Fiscal year: 1 July - 30 June

NOTE: The information regarding Bahamas, The on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Bahamas, The Economy 2001 information contained here. All suggestions for corrections of any errors about Bahamas, The Economy 2001 should be addressed to the CIA.