Overview: The Bahamas is a stable, middle-income developing nation whose economy is based primarily on tourism and offshore banking. Tourism alone provides about 50% 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, the per capita GDP of $9,800 is one of the highest in the region.

GDP: $2.4 billion, per capita $9,800; real growth rate 2.0% (1989 est.)

Inflation rate (consumer prices): 7.1% (1990 est.)

Unemployment: 11.7% (1989)

Budget: revenues $1.03 billion; expenditures $1.1 billion, including capital expenditures of $275 million (1990)

Exports: $300 million (f.o.b., 1990 est.); commodities--pharmaceuticals, cement, rum, crawfish; partners--US 41%, Norway 30%, Denmark 4%

Imports: $1.23 billion (f.o.b., 1990 est.); commodities--foodstuffs, manufactured goods, mineral fuels; partners--US 35%, Nigeria 21%, Japan 13%, Angola 11%

External debt: $1.2 billion (December 1990)

Industrial production: growth rate NA%; accounts for 15% of GDP

Electricity: 368,000 kW capacity; 857 million kWh produced, 3,480 kWh per capita (1990)

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

Agriculture: accounts for less than 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

Economic aid: US commitments, including Ex-Im (FY85-88), $1.0 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $345 million

Currency: Bahamian dollar (plural--dollars); 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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of The Bahamas Economy 1991 information contained here. All suggestions for corrections of any errors about The Bahamas Economy 1991 should be addressed to the CIA.