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 continued in 2010 as tourism from the US and sector investment lagged. 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.
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
184,000 (2009)country comparison to the world: 173
Electricity production
2.045 billion kWh (2007 est.)country comparison to the world: 132
Electricity Consumption
1.902 billion kWh (2007 est.)country comparison to the world: 135
Electricity Exports
0 kWh (2008 est.)
Electricity Imports
0 kWh (2008 est.)
Unemployment Rate
7.6% (2006 est.)country comparison to the world: 80
Population Below Poverty Line
9.3% (2004)
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: 27% (2000)
Central Bank Discount Rate
5.25% (31 December 2009)country comparison to the world: 82 5.25% (31 December 2008)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$1.284 billion (31 December 2009)country comparison to the world: 130 $1.275 billion (31 December 2008)
Stock of Broad Money
$5.991 billion (31 December 2009 est.)country comparison to the world: 114 $5.893 billion (31 December 2008 est.)
Stock of Domestic Credit
$7.993 billion (31 December 2009)country comparison to the world: 101 $7.883 billion (31 December 2008)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
Debt External
$342.6 million (2004 est.)country comparison to the world: 168
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Bahamian dollars (BSD) per US dollar - 1 (2009), 1 (2008), 1 (2007), 1 (2006)
