Economy Overview: The Bahamas is a stable growing country with an economy heavily dependent on tourism and offshore banking. The tourism industry alone produces 60% of GDP, directly or indirectly, up to 40% of the archipelago’s workforce is employed in this industry. Moderate growth in tourism earnings and a sharp increase in the construction of new hotels, leisure facilities and villas led to GDP growth of 3% in 1998, 6% in 1999 and 4.5% in 2000. Manufacturing and agriculture together produce less than 10% of GDP and growth in these areas, despite government incentives, is negligible. Prospects for further economic recovery will depend on the state of the tourism industry and continued growth in incomes of US residents, who make up the majority of vacationers. See businesscarriers.com to know more about Bahamas Economics and Business. GDP: at purchasing power parity – $ 4.5 billion (2000 est.). Real GDP growth rate: 4.5% (1000 est.). GDP per capita: Purchasing Power Parity $15,000 (2000 est.). The composition of GDP by sectors of the economy: agriculture: 3%; industry: 7%; services: 90% (1999 est.). Proportion of the population below the poverty line: no data available. Percentage distribution of household income or consumption: 10% of the poorest households account for: n/a; 10% of the wealthiest families account for: no data. Inflation rate at consumer prices: 1.9% (2000). Labor force: 156,000 people (1999). Employment structure: tourism 40%, other services 50%, industry 5%, agriculture 5% (1995 est.). Unemployment rate: 9% (1998 est.). Budget: revenues: $766 million; expenses: $845 million, including capital expenditures of $97 million (FY97-98). Economic sectors: tourism, banking, cement production, oil processing and transshipment, salt extraction, rum production, aragonite extraction, pharmaceutical production, production of spiral welded steel pipes. Growth in industrial production: no data available. Electricity generation: 1.465 billion kWh (1999) Sources of electricity generation: fossil fuels: 100%; hydropower: 0%; nuclear fuel: 0%; others: 0% (1999). Electricity consumption: 1.362 billion kWh (1999). Electricity export: 0 kWh (1999). Electricity import: 0 kWh (1999). Agricultural products: citrus fruits, vegetables; Domestic bird. Export: $376.8 million (2000) Export articles: medicines, cement, rum, crabs, oil products. Export partners: USA 22.3%, Switzerland 15.6%, UK 15%, Denmark 7.4% (1998). Imports: $1.73 billion (2000) Imports: food, manufactured goods, crude oil, transport, electronics. Import partners: USA 27.3%, Italy 26.5%, Japan 10%, Denmark 4.2% (1998). External debt: $385.8 million (2000). Economic aid recipient: $9.8 million (1995) Economic aid donor: Currency: Bahamian dollar. Currency code: Exchange rate: BSD/USD – 1,000 (fixed exchange rate). Fiscal year: 1 July – 30 June.
Telecommunications
Telecommunications Telephone lines: 96,000 (1997). Mobile cellular telephones: 6 152 (1997). Telephone system: internal: fully automatic highly advanced system; international: communication via tropospheric scattering and via submarine cable with Florida; 3 coaxial submarine cables; satellite earth station – 1 Intepsat (Atlantic Ocean) (1997). Broadcast stations: AM -3, FM -4, shortwave -0 (1998). Radio receivers: 215,000 (1997). Television broadcast stations: 1 (1997). TVs: 67,000 (1997). Internet Country Code: bs Internet Service Providers: 19 (2000). Number of users: 15,000 (2000).
Transport
Transport Railways: 0 km. Roads: total: 2,693 km; coated: 1,546 km; unpaved: 1,147 km (1997 est.). Ports and harbors: Matthew Town, Nassau, Freeport. Merchant navy: in total: 1,049 vessels (of 1,000 tons displacement or more) with a total displacement of 30,000,221 gross register tons / 44,601,471 long tons of carrying capacity; ships of various types: bulk carriers – 185, cargo ships – 214, chemical tankers – 36, dry bulk carriers – 15, combined ore and oil carriers – 22, container ships – 66, liquefied gas tankers – 33, ships for transportation livestock – 1, multifunctional heavy-duty ships – 4, passenger ships – 79, cargo-passenger ships – 1, oil tankers – 182, ships for the transport of railway cars – 1, refrigerated ships – 118, ferries for the transport of loaded vehicles – 50, coastal passenger ships – 15, specialized tankers – 3, cargo ships for the transport of vehicles – 24; note: including foreign ships, Airports: 65 (2000 est.). Airports with paved runways: total: 36; over 3,047 m: 2; from 2438 to 3047 m: 2; from 1,524 to 2,437 m: 16; from 914 to 1523 m:13; less than 914 m: 3 (2000 est.). Airports with unpaved runways: total: 29; from 914 to 1,523 m: 6; less than 914 m: 23 (2000 est.). Helipads: 1 (2000 est.).
Armed Forces
Branches of the Armed Forces: Royal Bahamas Defense Forces (Coast Guard only), Royal Bahamian Police. Conscription age: Total military manpower: Eligible for service: Number of persons reaching draft age each year: Military spending in dollar terms: $20M (FY95-96). Military spending as part of GDP: no data available.
International Issues
International issues International disputes: no. Illicit drugs: transit point for cocaine and marijuana destined for the US and Europe; the banking sector is used for money laundering.
