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Bahamas, The Economy 2010
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SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Bahamas, The Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 19, 2010

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 outlook for 2010 is for slightly positive growth as tourism from the US returns, but sector investment is not expecteded to substantially increase. 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 more strict 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):
$9.086 billion (2009 est.)

$9.464 billion (2008 est.)
$9.608 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$7.403 billion (2009 est.)

GDP - real growth rate:
-4% (2009 est.)

-1.5% (2008 est.)
2.8% (2007 est.)

GDP - per capita (PPP):
$29,800 (2009 est.)

$31,100 (2008 est.)
$31,800 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 3%
industry: 7%
services: 90% (2001 est.)

Labor force:
175,500 (2007)

Labor force - by occupation:
agriculture 5%, industry 5%, tourism 50%, other services 40% (2005 est.)

Unemployment rate:
7.6% (2006 est.)

Population below poverty line:
9.3% (2004)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: 27% (2000)

Budget:
revenues: $1.03 billion
expenditures: $1.03 billion (FY04/05)

Inflation rate (consumer prices):
2.4% (2007 est.)

Central bank discount rate:
5.25% (31 December 2008)

5.25% (31 December 2007)

Commercial bank prime lending rate:
5.5% (31 December 2008)

5.5% (31 December 2007)

Stock of money:
$1.255 billion (31 December 2008)

$1.274 billion (31 December 2007)

Stock of quasi money:
$4.637 billion (31 December 2008)

$4.324 billion (31 December 2007)

Stock of domestic credit:
$7.883 billion (31 December 2008)

$7.395 billion (31 December 2007)

Market value of publicly traded shares:
$NA

Agriculture - products:
citrus, vegetables; poultry

Industries:
tourism, banking, cement, oil transshipment, salt, rum, aragonite, pharmaceuticals, spiral-welded steel pipe

Industrial production growth rate:
NA%

Electricity - production:
2.045 billion kWh (2007 est.)

Electricity - consumption:
1.902 billion kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
34,000 bbl/day (2008 est.)

Oil - exports:
transshipments of 41,570 bbl/day (2007 est.)

Oil - imports:
72,420 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
0 cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Current account balance:
$-1.442 billion (2007 est.)

Exports:
$674 million (2006 est.)

Exports - commodities:
mineral products and salt, animal products, rum, chemicals, fruit and vegetables

Exports - partners:
US 21.6%, Singapore 19%, Poland 18.2%, Germany 7.7%, Japan 7.5% (2008)

Imports:
$2.401 billion (2006 est.)

Imports - commodities:
machinery and transport equipment, manufactures, chemicals, mineral fuels; food and live animals

Imports - partners:
US 25.1%, South Korea 18.8%, Japan 16.4%, Singapore 7.3%, Venezuela 5% (2008)

Debt - external:
$342.6 million (2004 est.)

Exchange rates:
Bahamian dollars (BSD) per US dollar - 1 (2009), 1 (2008), 1 (2007), 1 (2006), 1 (2005)


NOTE: The information regarding Bahamas, The on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Bahamas, The Economy 2010 information contained here. All suggestions for corrections of any errors about Bahamas, The Economy 2010 should be addressed to the CIA.






This page was last modified 09-Feb-10
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