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The Bahamas - Economy

Whitaker's Almanack Version

Financial Outlook

In his budget speech in May 2013 Perry Christie, prime minister and finance minister of the Bahamas, said that the Islands’ GDP growth through 2012 had fallen short of the expected 2.5% rate, with the actual rate amounting to 1.8%, much the same as for 2011, when GDP grew at 1.7%. However, he pointed out that the IMF forecast GDP growth of 2.7% for the Islands through 2013, tapering off slightly to 2.5% in 2014. The unemployment rate fell to 14% in 2012, down from the 2011 peak of 16%. Despite the import prices of fuel rising by between 5.4% and 6%, inflation was contained at 2.4% in 2012. The government has committed some US$10 million through 2013–2014 to market the new Baha Mar resort development at Cable Beach to boost tourism revenues and is committed to supporting a range of new foreign direct investment projects.

NB: Bahamian $ tied 1:1 to US$

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Further reading on The Bahamas

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