equilateral triangle based
on the hoist side

Economy

Economy--overview: 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 40% of the archipelago's labor force. Moderate
growth in tourism receipts and a boom in construction of new hotels,
resorts, and residences led to an increase of the country's GDP by
an estimated 4% in 1998. Manufacturing and agriculture together
contribute less than 10% of GDP and show little growth, despite
government incentives aimed at those sectors. Overall growth
prospects in the short run will depend heavily on the fortunes of
the tourism sector and continued income growth in the US, which
accounts for the majority of tourist visitors.

GDP: purchasing power parity--$5.63 billion (1998 est.)

GDP--real growth rate: 4% (1998 est.)

GDP--per capita: purchasing power parity?$20,100 (1998 est.)

GDP--composition by sector:
agriculture: 3%
industry: 5%
services: 92% (1997 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 0.4% (1997)

Labor force: 148,000 (1996)

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

Unemployment rate: 9% (1998 est.)

Budget:
revenues: $766 million
expenditures: $845 million, including capital expenditures of $97
million (FY97/98)

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

Industrial production growth rate: NA%

Electricity--production: 1 billion kWh (1996)

Electricity--production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1996)

Electricity--consumption: 1 billion kWh (1996)

Electricity--exports: 0 kWh (1996)

Electricity--imports: 0 kWh (1996)

Agriculture--products: citrus, vegetables; poultry

Exports: $300 million (1998)

Exports--commodities: pharmaceuticals, cement, rum, crawfish,
refined petroleum products

Exports--partners: US 24.5%, EU (excluding UK) 23.9%, UK 12.6%,
Singapore 5.6% (1997)

Imports: $1.37 billion (1998)

Imports--commodities: foodstuffs, manufactured goods, crude oil,
vehicles, electronics

Import