Bahamas:
Economy

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Other pages in this profile of the Bahamas:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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. 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 tourist arrivals have been on the decline since 2006. 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, since December 2000, when the government enacted new regulations on the financial sector, many international businesses have left The Bahamas. 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. Tourism, in turn, depends on growth in the US, the source of more than 80% of the visitors.
GDP (purchasing power parity)	Definition - World rank and map $8.332 billion (2007 est.)
GDP (official exchange rate)	Definition $6.586 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 3.1% (2007 est.)
GDP - per capita	Definition - World rank and map $25,000 (2007 est.)
GDP - composition by sector	Definition agriculture: 3% industry: 7% services: 90% (2001 est.)
Labor force	Definition 181,900 (2006)
Labor force - by occupation	Definition agriculture 5%, industry 5%, tourism 50%, other services 40% (2005 est.)
Unemployment rate	Definition - World rank and map 7.6% (2006 est.)
Population below poverty line	Definition 9.3% (2004)
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: 27% (2000)
Inflation rate (consumer prices)	Definition - World rank and map 2.4% (2007 est.)
Budget	Definition revenues: $1.03 billion expenditures: $1.03 billion (FY04/05)
Agriculture - products	Definition citrus, vegetables; poultry
Industries	Definition tourism, banking, cement, oil transshipment, salt, rum, aragonite, pharmaceuticals, spiral-welded steel pipe
Industrial production growth rate	Definition - World rank and map NA%
Electricity - production	Definition - World rank and map 1.894 billion kWh (2005)
Electricity - consumption	Definition - World rank and map 1.762 billion kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 5,731 kWh (2005)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 0 bbl/day (2005)
Oil - consumption	Definition - World rank and map 26,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 84.6 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map transshipments of 41,290 bbl/day (2004)
Oil - imports	Definition - World rank and map 68,250 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$1.442 billion (2007 est.)
Exports	Definition - World rank and map $674 million (2006)
Exports - commodities	Definition mineral products and salt, animal products, rum, chemicals, fruit and vegetables
Exports - partners	Definition US 21%, Singapore 16%, Spain 14.9%, Poland 14.8%, Germany 6.8%, Guatemala 5.9% (2006)
Imports	Definition - World rank and map $2.401 billion (2006)
Imports - commodities	Definition machinery and transport equipment, manufactures, chemicals, mineral fuels; food and live animals
Imports - partners	Definition US 23%, Brazil 16.8%, Japan 11.6%, South Korea 8.3%, Italy 6.4%, Singapore 4.4% (2006)
Debt - external	Definition - World rank and map $342.6 million (2004 est.)
Market value of publicly traded shares	Definition $NA
Economic aid - recipient	Definition $4.78 million (2004)
Currency (code)	Definition Bahamian dollar (BSD)
Exchange rates	Definition Bahamian dollars per US dollar - 1 (2007), 1 (2006), 1 (2005), 1 (2004), 1 (2003)
Fiscal year	Definition 1 July - 30 June

Bahamas: Economy

Bahamas:
Economy