Overview: The Bahamas is a stable, developing nation whose economy is based primarily on tourism and offshore banking. Tourism alone provides about 40% of GDP and directly or indirectly employs about 50,000 people or 40% of the local work force. The economy has slackened in recent years, as the annual increase in the number of tourists slowed. Nonetheless, per capita GDP is one of the highest in the region.

National product: GDP - purchasing power equivalent - $4.4 billion (1993 est.)

National product real growth rate: 2% (1991)

National product per capita: $16,500 (1993 est.)

Inflation rate (consumer prices): 6.5% (1991)

Unemployment rate: 5.7% (1992 est.)

Budget:
revenues: $628.5 million
expenditures: $574 million, including capital expenditures of $100 million (1992 est.)

Exports: $310 million (f.o.b., 1992)
commodities: pharmaceuticals, cement, rum, crawfish
partners: US 51%, UK 7%, Norway 7%, France 6%, Italy 5%

Imports: $1.2 billion (f.o.b,,1992)
commodities: foodstuffs, manufactured goods, mineral fuels, crude oil
partners: US 32%, Japan 17%, Nigeria 12%, Denmark 7%, Norway 6%

External debt: $1.2 billion (December 1990)

Industrial production: growth rate 3% (1990); accounts for 15% of GDP

Electricity:
capacity: 424,000 kW
production: 929 million kWh
consumption per capita: 3,599 kWh (1992)

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

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

Illicit drugs: transshipment point for cocaine and marijuana bound for US and Europe; also money-laundering center

Economic aid:
recipient: US commitments, including Ex-Im (FY85-89), $1 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $345 million

Currency: 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 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of The Bahamas Economy 1995 information contained here. All suggestions for corrections of any errors about The Bahamas Economy 1995 should be addressed to the CIA.