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Bahamas, The Economy 2013
http://www.theodora.com/wfbcurrent/bahamas_the/bahamas_the_economy.html
SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES
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Page last updated on February 14, 2013

Economy - overview:
The Bahamas is one of the wealthiest Caribbean countries with an economy heavily dependent on tourism and offshore banking. Tourism together with tourism-driven construction and manufacturing accounts for approximately 60% of GDP and directly or indirectly employs half of the archipelago's labor force. Prior to 2006, a steady growth in tourism receipts and a boom in construction of new hotels, resorts, and residences led to solid GDP growth but since then tourism receipts have begun to drop off. Financial services constitute the second-most important sector of the Bahamian economy and, when combined with business services, account for about 36% of GDP. However, the financial sector currently is smaller than it has been in the past because of the enactment of new and stricter financial regulations in 2000 that caused many international businesses to relocate elsewhere. Manufacturing and agriculture combined contribute approximately a 10th of GDP and show little growth, despite government incentives aimed at those sectors. The Bahamas since 2008 has been hard hit by the global economic crisis; the economy contracted in 2008 and 2009 and growth remains slow.

GDP (purchasing power parity):
$11.04 billion (2012 est.)
country comparison to the world: 151

$10.77 billion (2011 est.)
$10.6 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$8.249 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.5% (2012 est.)
country comparison to the world: 132

1.6% (2011 est.)
0.2% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$31,300 (2012 est.)
country comparison to the world: 42

$30,900 (2011 est.)
$30,800 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 2.1%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 7.1%
services: 90.8% (2012 est.)

Labor force:
184,000 (2009)
country comparison to the world: 173
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 5%
tourism: 50%
other services: 40% (2005 est.)

Unemployment rate:
14.2% (2009 est.)
country comparison to the world: 140

8.7% (2008 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
9.3% (2004)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 27% (2000)

Budget:
revenues: $1.5 billion
[see also: Budget revenues country ranks ]
expenditures: $1.8 billion (2012 est.)

Taxes and other revenues:
18.2% of GDP (2012 est.)
country comparison to the world: 172
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.6% of GDP (2012 est.)
country comparison to the world: 117
[see also: Budget surplus (+) or deficit (-) country ranks ]

Inflation rate (consumer prices):
2.5% (2012 est.)
country comparison to the world: 51

3.2% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4% (31 December 2011 est.)
country comparison to the world: 68

5.25% (31 December 2010 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.5% (31 December 2012 est.)
country comparison to the world: 156

5.06% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.436 billion (31 December 2012 est.)
country comparison to the world: 137

$1.435 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$6.482 billion (31 December 2012 est.)
country comparison to the world: 120

$6.104 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$9 billion (31 December 2012 est.)
country comparison to the world: 102

$8.511 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
citrus, vegetables; poultry

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

Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]

Current account balance:
-$1.139 billion (2012 est.)
country comparison to the world: 117

-$1.091 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$790 million (2012 est.)
country comparison to the world: 164

$834.9 million (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
mineral products and salt, animal products, rum, chemicals, fruit and vegetables

Exports - partners:
Singapore 28.2%, US 26.9%, Dominican Republic 11.7%, Ecuador 8.6%, Switzerland 5.1% (2011)

Imports:
$2.882 billion (2012 est.)
country comparison to the world: 150

$2.966 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and transport equipment, manufactures, chemicals, mineral fuels; food and live animals

Imports - partners:
US 25.8%, India 18.6%, South Korea 14.3%, Venezuela 9.6%, Singapore 7.7%, China 4.1% (2011)

Reserves of foreign exchange and gold:
$1.095 billion (31 December 2012 est.)
country comparison to the world: 132

$1.07 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$16.68 billion (31 December 2012 est.)
country comparison to the world: 81

$14.93 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Exchange rates:
Bahamian dollars (BSD) per US dollar -

1 (2012 est.)
1 (2011 est.)
1 (2010 est.)
1 (2008)
1 (2007)

Fiscal year:
1 July - 30 June


NOTE: The information regarding Bahamas, The on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Bahamas, The Economy 2013 information contained here. All suggestions for corrections of any errors about Bahamas, The Economy 2013 should be addressed to the CIA.


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