Bahamas, The Economy Profile 2003

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 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 the slowdown in the US economy and the attacks of 11 September 2001 held back growth in these sectors in 2002. 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 most of the visitors.

GDP (purchasing power parity)

purchasing power parity - $5.2 billion (2002 est.)

GDP - real growth rate

0.1% (2002 est.)

GDP - per capita (PPP)

purchasing power parity - $17,000 (2002 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)

1.8% (2001 est.)

Labor force

156,000 (1999)

Labor force - by occupation

tourism 50%, other services 40%, industry 5%, agriculture 5% (1999 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, e-commerce, cement, oil refining and transshipment, salt, rum, aragonite, pharmaceuticals, spiral-welded steel pipe

Industrial production growth rate

NA%

Electricity - production

1.56 billion kWh (2001)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

1.451 billion kWh (2001)

Electricity - exports

0 kWh (2001)

Electricity - imports

0 kWh (2001)

Oil - production

0 bbl/day (2001 est.)

Oil - consumption

23,000 bbl/day (2001 est.)

Oil - imports

NA (2001)

Oil - exports

NA (2001)

Agriculture - products

citrus, vegetables; poultry

Exports

$560.7 million (2002 est.)

Exports - commodities

fish and crawfish; rum, salt, chemicals; fruit and vegetables

Exports - partners

US 28.2%, France 16.5%, Germany 14.1%, UK 12.9% (2000)

Imports

$1.86 billion (2002 est.)

Imports - commodities

machinery and transport equipment, manufactures, chemicals, mineral fuels; food and live animals

Imports - partners

US 31.6%, South Korea 18.2%, Italy 17.4%, Japan 5.8% (2000)

Debt - external

$371.6 million (2001)

Economic aid - recipient

$9.8 million (1995)

Currency

Bahamian dollar (BSD)

Currency (code)

BSD

Exchange rates

Bahamian dollars per US dollar - 1 (2002), 1 (2001), 1 (2000), 1 (1999), 1 (1998)

Fiscal year

1 July - 30 June