general: Miami, New York
Diplomatic representation from the US:
chief of mission: Ambassador Nicole A. AVANT
embassy: 42 Queen Street, Nassau, New Providence
mailing address: local or express mail address: P. O. Box N-8197, Nassau; US Department of State, 3370 Nassau Place, Washington, DC 20521–3370
telephone: [1] (242) 322–1181, 328–2206 (after hours)
FAX: [1] (242) 328–2206
Flag description:
three equal horizontal bands of aquamarine (top), gold, and aquamarine, with a black equilateral triangle based on the hoist side; the band colors represent the golden beaches of the islands surrounded by the aquamarine sea; black represents the vigor and force of a united people, while the pointing triangle indicates the enterprise and determination of the Bahamian people to develop the rich resources of land and sea
National anthem:
name: "March On, Bahamaland!"
lyrics/music: Timothy GIBSON
note: adopted 1973; as a Commonwealth country, in addition to the national anthem, "God Save the Queen" serves as the royal anthem (see United Kingdom)
Economy ::Bahamas, The
Economy - overview:
The Bahamas is one of the wealthiest Caribbean countries with an economy heavily dependent on tourism and offshore banking. Tourism together with tourism-driven construction and manufacturing accounts for approximately 60% of GDP and directly or indirectly employs half of the archipelago's labor force. Prior to 2006, a steady growth in tourism receipts and a boom in construction of new hotels, resorts, and residences led to solid GDP growth but since then tourism receipts have begun to drop off. The global recession in 2009 took a sizeable toll on the Bahamas, resulting in a contraction in GDP and a widening budget deficit. The decline continued in 2010 as tourism from the US and sector investment lagged. Financial services constitute the second-most important sector of the Bahamian economy and, when combined with business services, account for about 36% of GDP. However, the financial sector currently is smaller than it has been in the past because of the enactment of new and more strict financial regulations in 2000 that caused many international businesses to relocate elsewhere. Manufacturing and agriculture combined contribute approximately a tenth of GDP and show little growth, despite government incentives aimed at those sectors. Overall growth prospects in the short run rest heavily on the fortunes of the tourism sector.
GDP (purchasing power parity):
$8.878 billion (2010 est.) country comparison to the world: 151 $8.923 billion (2009 est.)
$9.285 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$7.538 billion (2010 est.)
GDP - real growth rate:
−0.5% (2010 est.) country comparison to the world: 193 −3.9% (2009 est.)
−1.7% (2008 est.)
GDP - per capita (PPP):
$28,600 (2010 est.) country comparison to the world: 49 $29,000 (2009 est.)
$30,500 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector:
agriculture: 1.2%
industry: 14.7%
services: 84.1% (2001 est.)
Labor force:
184,000 (2009) country comparison to the world: 173
Labor force - by occupation:
agriculture: 5%
industry: 5%
tourism: 50%
other services: 40% (2005 est.)
Unemployment rate:
7.6% (2006 est.) country comparison to the world: 80
Population below poverty line:
9.3% (2004)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: 27% (2000)
Inflation rate (consumer prices):
2.4% (2007 est.) country comparison to the world: 69
Central bank discount rate:
5.25% (31 December 2009) country comparison to the world: 82 5.25% (31 December 2008)
Commercial bank prime lending rate:
5.5% (31 December 2009 est.) country comparison to the world: 143 5.5% (31 December 2008 est.)
Stock of narrow money:
$1.284 billion (31 December 2009) country comparison to the world: 130 $1.275 billion (31 December 2008)
Stock of broad money:
$5.991 billion (31 December 2009 est.) country comparison to the world: 114 $5.893 billion (31 December 2008 est.)
Stock of domestic credit:
$7.993 billion (31 December 2009) country comparison to the world: 101 $7.883 billion (31 December 2008)
Market value of publicly traded shares:
$NA
Agriculture - products:
citrus, vegetables; poultry
Industries:
tourism, banking, cement, oil transshipment, salt, rum, aragonite, pharmaceuticals, spiral-welded steel pipe
Industrial production growth rate:
NA%
Electricity - production:
2.045 billion kWh (2007 est.) country comparison to the world: 132
Electricity - consumption:
1.902 billion kWh (2007 est.) country comparison to the world: 135
Electricity
