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Conchs are caught for local consumption. Fresh fish are a locally con-
sumed food product as well. The major export of the fishing industry is lobster.
Beer and rum are manufactured on New Providence and exported to
other countries. Salt and petrochemicals are also manufactured in the
Bahamas for the export market. The pharmaceutical industry contributes a
growing share to the country’s gross domestic product.
Changes for Workers
Unemployment has been a chronic problem in the Bahamas. In the late 1990s,
as the global economy was strong, unemployment decreased dramatically,
Bahamas
32
Gross domestic product (GDP*):
$11.4 bil-
lion (2013 est.)
GDP per capita:
$32,000 (2013 est.)
Inflation:
1%
Natural resources:
salt, aragonite, timber,
arable land
Agriculture
(2% of GDP): citrus fruits, veg-
etables, poultry
Services
(91% of GDP): tourism, banking,
government
Industry
(7% of GDP): tourism, banking, oil
bunkering, maritime industries, trans-
shipment, salt, rum, aragonite, phar-
maceuticals
Foreign trade (2014):
Exports:
$960 million: crawfish, aragonite,
crude salt, polystyrene products
Imports:
$3.245 billion: machinery and
transport equipment, manufactures,
chemicals, mineral fuels; food and live
animals
Currency exchange rate:
$1 Bahamian =
U.S. $1 (fixed rate)
Quick Facts: The Economy of the Bahamas
*GDP = the total value of goods and services
produced in one year.
Figures are 2014 estimates unless otherwise
indicated. Sources: CIA World Factbook 2014.