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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 consulate(s) general: Miami and New York FAX: [1] (202) 319–2668 telephone: [1] (202) 319–2660 chancery: 2220 Massachusetts Avenue NW, Washington, DC 20008

      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 - $5.049 billion (2003 est.)

      GDP - real growth rate:

       0% (2003 est.)

      GDP - per capita:

       purchasing power parity - $16,700 (2003 est.)

      GDP - composition by sector: agriculture: 3% industry: 7% services: 90% (2001 est.)

      Population below poverty line:

       NA

      Household income or consumption by percentage share:

       lowest 10%: NA

       highest 10%: NA

      Inflation rate (consumer prices):

       1.7% (2002 est.)

      Labor force:

       156,000 (1999)

      Labor force - by occupation:

       agriculture 5%, industry 5%, tourism 50%, other services 40% (1999

       est.)

      Unemployment rate:

       6.9% (2001 est.)

      Budget:

       revenues: $918.5 million

       expenditures: $956.5 million, including capital expenditures of

       $106.7 million (FY99/00)

      Agriculture - products:

       citrus, vegetables; poultry

      Industries:

       tourism, banking, e-commerce, cement, oil refining and

       transshipment, salt, rum, aragonite, pharmaceuticals, spiral-welded

       steel pipe

      Industrial production growth rate:

       NA (2002 est.)

      Electricity - production:

       1.56 billion kWh (2001)

      Electricity - consumption:

       1.451 billion kWh (2001)

      Electricity - exports:

       0 kWh (2001)

      Electricity - imports:

       0 kWh (2001)

      Oil - production:

       0 bbl/day (2001 est.)

      Oil - consumption:

       23,000 bbl/day (2001 est.)

      Oil - exports:

       NA (2001)

      Oil - imports:

       NA (2001)

      Exports:

       $617 million (2002 est.)

      Exports - commodities:

       fish and crawfish; rum, salt, chemicals; fruit and vegetables

      Exports - partners:

       US 35%, Spain 9.6%, Germany 7.8%, France 7.6%, Poland 5.3%,

       Switzerland 4.8%, Peru 4.2%, Paraguay 4.2% (2003)

      Imports:

       $1.614 billion (2002 est.)

      Imports - commodities:

       machinery and transport equipment, manufactures, chemicals, mineral

       fuels; food and live animals

      Imports - partners:

       US 20.8%, South Korea 17.4%, Italy 11.4%, France 9.1%, Brazil 7.5%,

       Japan 5.6%, Venezuela 5.3% (2003)

      Debt - external:

       $308.5 million (2002)

      Economic aid - recipient:

       $9.8 million (1995)

      Currency:

       Bahamian dollar (BSD)

      Currency code:

       BSD

      Exchange rates:

       Bahamian dollars per US dollar - 1 (2003), 1 (2002), 1 (2001), 1

       (2000), 1 (1999)

      Fiscal year:

       1 July - 30 June

      Communications Bahamas, The

      Telephones - main lines in use:

       131,700 (2003)

      Telephones - mobile cellular:

       121,800 (2002)

      Telephone

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