|
|
The Economy of the Bahamas
The Bahamian economy is based primarily on tourism, which is concentrated
mainly in Nassau and Grand Bahama. According to the Economist Intelligence Unit,
tourism and construction are largely responsible for a real GDP growth of about
4 percent annually since 1996. Another important economic sector is financial
services, which places the Bahamas among the world's leading financial centers.
After the impact from Hurricane Floyd, this sector was back to full strength in
less than three working days and made a tremendous contribution to disaster
relief efforts, both individually and through financial organizations.
Tourism alone accounts for more than 60% of GDP and directly or indirectly
employs almost half of the archipelago's labor force. Steady growth in tourism
receipts and a boom in construction of new hotels, resorts, and residences have
led to solid GDP growth in recent years. 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 the majority of
tourist visitors.
The Economy of the Bahamas: By the Numbers
|
GDP
|
purchasing power parity -
$5 billion (2001 est.) |
|
GDP - real growth rate
|
3.5% (2001) |
|
GDP - per capita
|
purchasing power parity -
$16,800 (2000 est.) |
|
GDP - composition by sector
|
agriculture: 3%
industry: 7%
services: 90% (1999 est.) |
|
Inflation rate (consumer prices)
|
1.5% (2001 est.) |
|
Labor force
|
156,000 (1999) |
|
Labor force - by occupation
|
tourism 40%, other
services 50%, industry 5%, agriculture 5% (1995 est.) |
|
Unemployment rate
|
6.9% (2001 est.) |
|
Budget
|
revenues: $918.5 million
expenditures: $956.5 million, including capital expenditures of $106.7
million (FY99/00) |
|
Industries
|
tourism, banking, cement,
oil refining and transshipment, salt, rum, aragonite, pharmaceuticals,
spiral-welded steel pipe |
|
Industrial production growth rate
|
NA% |
|
Electricity production
|
1.54 billion kWh (2000)
|
|
Electricity production by source
|
fossil fuel: 100%
hydro: 0%
solar: < 0.01%
other: 0% (2000)
nuclear: 0% |
|
Electricity consumption
|
1.432 billion kWh (2000)
|
|
Agriculture products
|
citrus, vegetables;
poultry |
|
Exports
|
$535.8 million (2000)
|
|
Exports commodities
|
fish and crawfish; rum,
salt, chemicals; fruit and vegetables (1999) |
|
Exports - partners
|
US 28.2%, France 16.5%,
Germany 14.1%, UK 12.4% (2000) |
|
Imports
|
$1.88 billion (2000)
|
|
Imports commodities
|
machinery and transport
equipment, manufactures, chemicals, mineral fuels; food and live animals
(1999)
|
|
Imports - partners
|
US 31.6%, South Korea
18.2%, Italy 17.4%, Japan 5.8% (2000) |
|
Debt - external
|
$381.9 million (2000)
|
|
Economic aid recipient
|
$9.8 million (1995) |
|
Currency
|
Bahamian dollar (BSD)
|
|
Exchange rates
|
Bahamian dollars per US
dollar - 1.000 (fixed rate pegged to the dollar) |
|
Talk, ask questions, and discuss the Bahamas for free on our online Bahamas
Discussion Boards. |
Opportunity to win great vacation prizes. Learn more
about The Bahamas
Guide Sweepstakes! |
Get the inside scoop on the latest deals, breaking news, and security alerts
by signing up for our email newsletter. |
|
|
