Economy - overview The Bahamas is a stable, developing nation with an economy heavily dependent on tourism and offshore banking. 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.

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.)

Population below poverty line NA%

Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%

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%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 1.432 billion kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 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)

Currency code BSD

Exchange rates Bahamian dollars per US dollar - 1.000 (fixed rate pegged to the dollar)

Fiscal year 1 July - 30 June

NOTE: The information regarding Bahamas, The on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Bahamas, The Economy 2002 information contained here. All suggestions for corrections of any errors about Bahamas, The Economy 2002 should be addressed to the CIA.