style="font-size:15px;"> appointed by the governor general upon the advice of the primeminister and the opposition leader for five-year terms) and the
House of Assembly (40 seats; members elected by direct popular vote
to serve five-year terms); the government may dissolve the
parliament and call elections at any time
elections: last held 1 May 2002 (next to be held by May 2007)
election results: percent of vote by party - PLP 50.8%, FNM 41.1%,
independents 5.2%; seats by party - PLP 29, FNM 7, independents 4
Judicial branch:
Supreme Court; Court of Appeal; magistrates courts
Political parties and leaders:
Free National Movement or FNM [Tommy TURNQUEST]; Progressive
Liberal Party or PLP [Perry CHRISTIE]
Political pressure groups and leaders:
NA
International organization participation:
ACP, C, Caricom, CDB, FAO, G-77, IADB, IBRD, ICAO, ICCt
(signatory), ICFTU, ICRM, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOM,
IOC, ITU, LAES, MIGA, NAM, OAS, OPANAL, OPCW (signatory), UN,
UNCTAD, UNESCO, UNIDO, UPU, WCO, WHO, WIPO, WMO, WTO (observer)
Diplomatic representation in the US: chief of mission: Ambassador Joshua SEARS chancery: 2220 Massachusetts Avenue NW, Washington, DC 20008 telephone: [1] (202) 319–2660 FAX: [1] (202) 319–2668 consulate(s) general: Miami and New York
Diplomatic representation from the US:
chief of mission: Ambassador John D. ROOD
embassy: 42 Queen Street, Nassau
mailing address: local or express mail address: P. O. Box N-8197,
Nassau; Department of State, 3370 Nassau Place, Washington, DC
20521–3370
telephone: [1] (242) 322–1181, 328–2206 (after hours)
FAX: [1] (242) 356–0222
Flag description:
three equal horizontal bands of aquamarine (top), gold, and
aquamarine, with a black equilateral triangle based on the hoist side
Economy Bahamas, The
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 60% of GDP and directly or indirectly employs half of
the archipelago's labor force. Steady growth in tourism receipts and
a boom in construction of new hotels, resorts, and residences had
led to solid GDP growth in recent years, but the slowdown in the US
economy and the attacks of 11 September 2001 held back growth in
these sectors in 2001–03. Financial services constitute the
second-most important sector of the Bahamian economy, accounting for
about 15% of GDP. However, since December 2000, when the government
enacted new regulations on the financial sector, many international
businesses have left The Bahamas. Manufacturing and agriculture
together 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, which depends on growth in the US,
the source of more than 80% of the visitors. In addition to tourism
and banking, the government supports the development of a "third
pillar," e-commerce.
GDP (purchasing power parity):
$5.295 billion (2004 est.)
GDP - real growth rate:
3% (2004 est.)
GDP - per capita:
purchasing power parity - $17,700 (2004 est.)
GDP - composition by sector: agriculture: 3% industry: 7% services: 90% (2001 est.)
Labor force: 156,000 (1999)
Labor force - by occupation: agriculture 5%, industry 5%, tourism 50%, other services 40% (1999 est.)
Unemployment rate:
10.2% (2004 est.)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: 27% (2000)
Inflation rate (consumer prices):
1.2% (year ending September 2004)
Budget:
revenues: $1 billion
expenditures: $1 billion, including capital expenditures of $106.7
million (FY03/04)
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:
1.716 billion kWh (2002)
Electricity - production by source: fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (2001)
Electricity - consumption:
