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 50% 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 3.5% in 1997. 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—$5.36 billion (1997 est.)

GDP—real growth rate: 3.5% (1997 est.)

GDP—per capita: purchasing power parity—$19 400 (1997 est.)

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

Inflation rate—consumer price index: 0.4% (1997)

Labor force:
total: 146 600 (1996)
by occupation: government 30% tourism 40% business services 10% agriculture 5% (1995 est.)

Unemployment rate: 10% (1997 est.)

Budget:
revenues: $687.5 million
expenditures: $827 million including capital expenditures of $112 million (FY96/97 est.)

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

Industrial production growth rate: NA%

Electricity—capacity: 401 000 kW (1995)

Electricity—production: 1.29 billion kWh (1996)

Electricity—consumption per capita: 4 100 kWh (1996)

Agriculture—products: citrus vegetables; poultry

Exports:
total value: $201.7 million (f.o.b. 1996)
commodities: pharmaceuticals cement rum crawfish refined petroleum products
partners: US 24% Spain 14% UK 7% Norway 7% France 6% Italy 5% (1995 est.)

Imports:
total value: $1.26 billion (c.i.f. 1996)
commodities: foodstuffs manufactured goods crude oil vehicles electronics
partners: US 29% Finland 10% Iran 10% Denmark 8%

Debt—external: $381.7 million (1997)

Economic aid: $NA

Currency: 1 Bahamian dollar (B$) = 100 cents

Exchange rates: Bahamian dollar (B$) per US$1—1.000 (fixed rate pegged to the dollar)

Fiscal year: 1 July—30 June