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. 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 10th of GDP and show little growth, despite government incentives aimed at those sectors. The Bahamas since 2008 has been hard hit by the global economic crisis; the economy contracted in 2008 and 2009 and growth remains slow.
Agriculture Products
citrus, vegetables; poultry
Industrial Production Growth Rate
NA%
Labor Force
184,000 (2009)country comparison to the world: 173
Unemployment Rate
14.2% (2009 est.)country comparison to the world: 140 8.7% (2008 est.)
Population Below Poverty Line
9.3% (2004)
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: 27% (2000)
Budget
Revenues: $1.5 billion
Expenditures: $1.8 billion (2012 est.)
Central Bank Discount Rate
4% (31 December 2011 est.)country comparison to the world: 68 5.25% (31 December 2010 est.)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$1.436 billion (31 December 2012 est.)country comparison to the world: 137 $1.435 billion (31 December 2011 est.)
Stock of Broad Money
$6.482 billion (31 December 2012 est.)country comparison to the world: 120 $6.104 billion (31 December 2011 est.)
Stock of Domestic Credit
$9 billion (31 December 2012 est.)country comparison to the world: 102 $8.511 billion (31 December 2011 est.)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$1.095 billion (31 December 2012 est.)country comparison to the world: 132 $1.07 billion (31 December 2011 est.)
Debt External
$16.68 billion (31 December 2012 est.)country comparison to the world: 81 $14.93 billion (31 December 2011 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Bahamian dollars (BSD) per US dollar -1 (2012 est.) 1 (2011 est.) 1 (2010 est.) 1 (2008) 1 (2007)
