Economy Of Bahamas, The
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Economy overview
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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 2001-03. Financial services constitute the second-most important sector of the Bahamian economy, accounting for about 15% 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 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 more than 80% of the visitors. In addition to tourism and banking, the government supports the development of a "third pillar," e-commerce.
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GDP
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purchasing power parity - $5.049 billion (2004 est.)
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GDP - real growth rate
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0% (2004 est.)
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GDP - per capita
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purchasing power parity - $16,700 (2004 est.)
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GDP - composition by sector
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agriculture: 3%
industry: 7%
services: 90% (2001 est.)
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Investment gross fixed
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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1.7% (2002 est.)
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Labor force
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156,000 (1999)
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Labor force by occupation
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agriculture 5%, industry 5%, tourism 50%, other services 40% (1999 est.)
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Unemployment rate
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6.9% (2001 est.)
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Budget
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revenues: $918.5 million
expenditures: $956.5 million, including capital expenditures of $106.7 million (FY99/00)
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Public debt
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Agriculture products
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citrus, vegetables; poultry
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Industries
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tourism, banking, e-commerce, cement, oil refining and transshipment, salt, rum, aragonite, pharmaceuticals, spiral-welded steel pipe
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Industrial production growth rate
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NA (2002 est.)
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Electricity production
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1.56 billion kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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1.451 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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23,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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Exports
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$617 million (2002 est.)
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Exports commodities
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fish and crawfish; rum, salt, chemicals; fruit and vegetables
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Exports partners
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US 35%, Spain 9.6%, Germany 7.8%, France 7.6%, Poland 5.3%, Switzerland 4.8%, Peru 4.2%, Paraguay 4.2% (2003)
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Imports
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$1.614 billion (2002 est.)
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Imports commodities
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machinery and transport equipment, manufactures, chemicals, mineral fuels; food and live animals
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Imports partners
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US 20.8%, South Korea 17.4%, Italy 11.4%, France 9.1%, Brazil 7.5%, Japan 5.6%, Venezuela 5.3% (2003)
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Reserves of foreign exchange gold
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Debt external
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$308.5 million (2002)
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Economic aid recipient
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$9.8 million (1995)
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Currency
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Bahamian dollar (BSD)
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Currency code
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BSD
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Exchange rates
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Bahamian dollars per US dollar - 1 (2003), 1 (2002), 1 (2001), 1 (2000), 1 (1999)
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Fiscal year
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1 July - 30 June
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This information was reproduced in part from the CIA World Fact book.
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