The Bahamas Economy 1997

Economy - overview The Bahamas is a stable, developing nation with an economy heavily dependenton tourism and offshore banking. Tourism alone accounts for more than 50%of GDP and directly or indirectly employs 40% of the archipelago's labor force.A slowdown in the expansion of the tourism sector - especially stopover travelfrom Europe - led to a reduction in the country's GDP growth rate in 1995,down to an estimated 2% from 3.5% in 1994. The construction sector benefitedfrom hotel rehabilitation and the government's ongoing housing developmentprogram. Earnings from exports of vegetable and citrus production have beendecreasing since 1993 but were expected to increase in 1996 due to storm damageto crops in Florida. Overall growth prospects in the short run will dependheavily on the fortunes of the tourism sector and continued income growthin the US, which accounts for the majority of tourist visits.

GDP purchasing power parity - $4.8 billion (1995 est.)

GDP - real growth rate 2% (1995 est.)

GDP - per capita purchasing power parity - $18,700 (1995 est.)

GDP - composition by sector
agriculture : 3%
industry: 6%
services: 91% (1994)

Inflation rate - consumer price index 2.1% (1995)

Labor force
total: 136,900 (1993)
by occupation : government 30%, tourism 40%, business services 10%, agriculture 5% (1995est.)

Unemployment rate 15% (1995 est.)

Budget
revenues: $665 million
expenditures: $725 million, including capital expenditures of $94 million (FY95/96est.)

Industries tourism, banking, cement, oil refining and transshipment, salt production,rum, aragonite, pharmaceuticals, spiral-welded steel pipe

Industrial production growth rate NA%

Electricity - capacity 267,000 kW (1993)

Electricity - production 874 million kWh (1993)

Electricity - consumption per capita 2,717 kWh (1993)

Agriculture - products citrus, vegetables; poultry

Exports
total value: $267.5 million (f.o.b., 1995)
commodities: pharmaceuticals, cement, rum, crawfish, refined petroleum products
partners: US 24%, Spain 14%, UK 7%, Norway 7%, France 6%, Italy 5% (1995 est.)

Imports
total value : $1.17 billion (f.o.b., 1995)
commodities: foodstuffs, manufactured goods, crude oil, vehicles, electronics
partners : US 29%, Finland 10%, Iran 10%, Denmark 8%

Debt - external $393 million (1995)

Economic aid $NA

Currency 1 Bahamian dollar (B$) = 100 cents

Exchange rates Bahamian dollar (B$) per US$1 - 1.00 (February 1997; fixed rate)

Fiscal year 1 July - 30 June

NOTE: The information regarding The Bahamas on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of The Bahamas Economy 1997 information contained here. All suggestions for corrections of any errors about The Bahamas Economy 1997 should be addressed to the CIA.