Economy Overview
The Bahamas is a stable, developing nation 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 the slowdown in the US economy and the attacks of 11 September 2001 held back growth in these sectors in 2001-03. The current government has presided over a period of economic recovery and an upturn in large-scale private sector investments in tourism. Financial services constitute the second-most important sector of the Bahamian economy, accounting for about 15% 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 together 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, which depends on growth in the US, the source of more than 80% of the visitors.
Agriculture Products
citrus, vegetables; poultry
Industries
tourism, banking, cement, oil transshipment, salt, rum, aragonite, pharmaceuticals, spiral-welded steel pipe
Industrial Production Growth Rate
NA%
Labor Force
176,300 (2004)
Electricity production
1.894 billion kWh (2005)
Electricity Consumption
1.762 billion kWh (2005)
Electricity Exports
0 kWh (2005)
Electricity Imports
0 kWh (2005)
Unemployment Rate
10.2% (2005 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)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
Debt External
$342.6 million (2004 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Bahamian dollars per US dollar - 1 (2006), 1 (2005), 1 (2004), 1 (2003), 1 (2002)
