Compare Bahamas, The (2008) - Bahamas, The (2007)

Compare Bahamas, The (2008) z Bahamas, The (2007)

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	Bahamas, The (2008)	Bahamas, The (2007)

Diplomatic representation in the US	chief of mission: Ambassador Cornelius A. SMITH chancery: 2220 Massachusetts Avenue NW, Washington, DC 20008 telephone: [1] (202) 319-2660 FAX: [1] (202) 319-2668 consulate(s) general: Miami, New York	chief of mission: vacant chancery: 2220 Massachusetts Avenue NW, Washington, DC 20008 telephone: [1] (202) 319-2660 FAX: [1] (202) 319-2668 consulate(s) general: Miami, New York
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. 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 tourist arrivals have been on the decline since 2006. 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, since December 2000, when the government enacted new regulations on the financial sector, many international businesses have left The Bahamas. 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. Tourism, in turn, depends on growth in the US, the source of more than 80% of the visitors.	The Bahamas is a stable, developing nation 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. 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. The current government has presided over a period of economic recovery and an upturn in large-scale private sector investments in tourism. 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.
Exchange rates	Bahamian dollars per US dollar - 1 (2007), 1 (2006), 1 (2005), 1 (2004), 1 (2003)	Bahamian dollars per US dollar - 1 (2006), 1 (2005), 1 (2004), 1 (2003), 1 (2002)
Exports - partners	Spain 22.3%, US 19.8%, Poland 13.5%, Germany 13%, UK 5.7%, Guatemala 4.9% (2006)	Spain 23.8%, US 21.1%, Poland 14.4%, Germany 7.3%, UK 6.1%, Guatemala 5.2% (2006)
GDP - real growth rate	2.8% (2007 est.)	4% (2006 est.)
Imports	68,250 bbl/day (2004)	NA bbl/day
Imports - partners	US 24.7%, Brazil 15.7%, Japan 13.1%, South Korea 7.8%, Spain 6.2% (2006)	US 24.5%, Brazil 15.6%, Japan 13%, South Korea 7.8%, Spain 7.1% (2006)
Inflation rate (consumer prices)	2.4% (2007 est.)	1.2% (2004)
International organization participation	ACP, C, Caricom, CDB, FAO, G-77, IADB, IBRD, ICAO, ICCt (signatory), ICFTU, ICRM, IDA, IFC, IFRCS, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, ITSO, ITU, LAES, MIGA, NAM, OAS, OPANAL, OPCW (signatory), UN, UNCTAD, UNESCO, UNIDO, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO (observer)	ACP, C, Caricom, CDB, FAO, G-77, IADB, IBRD, ICAO, ICCt (signatory), ICFTU, ICRM, IFC, IFRCS, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, ITSO, ITU, MIGA, NAM, OAS, OPANAL, OPCW (signatory), UN, UNCTAD, UNESCO, UNIDO, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO (observer)
Labor force	181,900 (2006)	176,300 (2004)
Unemployment rate	7.6% (2006 est.)	10.2% (2005 est.)

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