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Economy
Bahamas, The

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. 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 tourist arrivals
have been on the decline since 2006. 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, since December 2000, when the government enacted new
regulations on the financial sector, many international businesses
have left The Bahamas. Manufacturing and agriculture combined
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. Tourism, in turn, depends on growth in the US, the
source of more than 80% of the visitors.

GDP (purchasing power parity):

$8.553 billion (2007 est.)

GDP (official exchange rate):

$6.586 billion (2007 est.)

GDP - real growth rate:

2.8% (2007 est.)

GDP - per capita (PPP):

$28,000 (2007 est.)

GDP - composition by sector:

agriculture: 3%
industry: 7%
services: 90% (2001 est.)

Labor force:

181,900 (2006)

Labor force - by occupation:

agriculture 5%, industry 5%, tourism 50%, other services 40% (2005
est.)

Unemployment rate:

7.6% (2006 est.)

Population below poverty line:

9.3% (2004)

Household income or consumption by percentage share:

lowest 10%: NA%
highest 10%: 27% (2000)

Budget:

revenues: $1.03 billion
expenditures: $1.03 billion (FY04/05)

Fiscal year:

1 July - 30 June

Inflation rate (consumer prices):

2.4% (2007 est.)

Central bank discount rate:

5.25% (31 December 2007)

Commercial bank prime lending rate:

5.5% (31 December 2007)

Stock of money:

$1.274 billion (31 December 2007)

Stock of quasi money:

$4.324 billion (31 December 2007)

Stock of domestic credit:

$7.395 billion (31 December 2007)