The Bahamian government budget receives revenues primarily from import duties (65%), but Hemispheric Free Trade scheduled for 2005 will greatly reduce revenues. The government is looking for other sources of funds, including a restructuring of the banking system. Tourism remains about 60% of GDP.
The US Central Intelligence Agency (CIA) estimates that in 1999/2000 the Bahamas's central government took in revenues of approximately $918.5 million and had expenditures of $956.5 million including capital expenditures of $106.7 million. Overall, the government registered a deficit of approximately $38 million. External debt totaled $381.9 million.
The following table shows an itemized breakdown of government revenues and expenditures. The percentages were calculated from data reported by the International Monetary Fund. The dollar amounts (millions) are based on the CIA estimates provided above.
|REVENUE AND GRANTS||100.0%||918|
|General public services||15.2%||145|
|Public order and safety||11.1%||106|
|Housing and community amenities||1.0%||9|
|Economic affairs and services||17.0%||163|