Diplomatic representation: Ambassador Margaret E. MCDONALD; Chancery at Suite 865, 600 New Hampshire Avenue NW, Washington DC 20037; telephone (202) 944-3390; there are Bahamian Consulates General in Miami and New York; US—Ambassador Chic HECHT; Embassy at Mosmar Building, Queen Street, Nassau (mailing address is P. O. Box N-8197, Nassau); telephone (809) 322-1181 or 328-2206
Flag: three equal horizontal bands of aquamarine (top), gold, and aquamarine with a black equilateral triangle based on the hoist side
- Economy Overview: The Bahamas is a stable, middle-income developing nation whose economy is based primarily on tourism and offshore banking. Tourism alone provides about 50% of GDP and directly or indirectly employs about 50,000 people or 40% of the local work force. The economy has boomed in recent years, aided by a steady annual increase in the number of tourists. The per capita GDP of over $9,800 is one of the highest in the region.
GDP: $2.4 billion, per capita $9,875; real growth rate 2.0% (1988 est.)
Inflation rate (consumer prices): 4.1% (1988)
Unemployment: 12% (1986)
Budget: revenues $555 million; expenditures $702 million, including capital expenditures of $138 million (1989 est.)
Exports: $733 million (f.o.b., 1987); commodities—pharmaceuticals, cement, rum, crawfish; partners—US 90%, UK 10%
Imports: $1.7 billion (c.i.f., 1987); commodities—foodstuffs, manufactured goods, mineral fuels; partners—Iran 30%, Nigeria 20%, US 10%, EC 10%, Gabon 10%
External debt: $1.5 billion (September 1988)