Overview: The Bahamas is a stable, middle-income developing nation whose economy is based primarily on tourism and offshore banking. Tourism alone provides about 50% of GDP and directly or indirectly employs about 50,000 people or 40% of the local work force. The economy has boomed in recent years, aided by a steady annual increase in the number of tourists. The per capita GDP of over $9,500 is one of the highest in the region.

GDP: $2.3 billion, per capita $9,632; real growth rate 4.4% (1987)

Inflation rate (consumer prices): 5.8% (1987)

Unemployment: 12% (1986)

Budget: revenues $462 million; expenditures $468 million, including capital expenditures of $60 million (1987)

Exports: $273 million (f.o.b., 1987); @m5commodities--pharmaceuticals, cement, rum, crawfish; @m5partners--US 90%, UK 10%

Imports: $1.0 billion (c.i.f., 1987); @m5commodities--foodstuffs, manufactured goods, mineral fuels; @m5partners--Iran 30%, Nigeria 20%, US 10%, EC 10%, Gabon 10%

External debt: $186 million (December 1987)

Industrial production: growth rate NA%

Electricity: 357,000 kW capacity; 828 million kWh produced, 3,350 kWh per capita (1988)

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

Agriculture: accounts for less than 5% of GDP; dominated by small-scale producers; principal products--citrus fruit, vegetables, poultry; large net importer of food

Aid: US commitments, including Ex-Im (FY70-80), $42 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-86), $344 million

Currency: Bahamian dollar (plural--dollars); 1 Bahamian dollar (B$) = 100 cents

Exchange rates: Bahamian dollar (B$) per US$1--1.00 (fixed rate)

Fiscal year: calendar year

NOTE: The information regarding The Bahamas on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of The Bahamas Economy 1989 information contained here. All suggestions for corrections of any errors about The Bahamas Economy 1989 should be addressed to the CIA.