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Concept
Economy of the Bahamas
Summary
The economy of the Bahamas is dependent upon tourism and offshore banking. The Bahamas is the richest country in the West Indies and is ranked 14th in North America for nominal GDP. It is a stable, developing nation in the Lucayan Archipelago, with a population of 391,232 (2016). Steady growth in tourism receipts and a boom in construction of new hotels, resorts, and residences had led to solid GDP growth for many years. The slowdown in the Economy of the United States and the September 11 attacks held back growth in these sectors from 2001 to 2003.
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 10% of GDP and show little growth, despite government incentives for those sectors. Overall growth prospects in the short run rest heavily on the fortunes of the tourism sector, which depends on growth in the United States, the source of more than 80% of the visitors. In addition to tourism and banking, the government supports the development of a "2nd-pillar", e-commerce.
The Bahamian economy is almost entirely dependent on tourism and financial services to generate foreign exchange earnings. The Gross Domestic Product (GDP) of The Bahamas is approximately $5.7 billion with tourism accounting for 50%, financial services nearly 20% and the balance spread among retail and wholesale trade, fishing, light manufacturing and agriculture. The European Union lists the Bahamas as one of several Caribbean "uncooperative jurisdictions" because it fails to meet tax fairness and transparency benchmarks.
Tourism alone provides an estimated 51% of the gross domestic product (GDP) and employs about half the Bahamian workforce. In 2016, over 3 million tourists visited the Bahamas, most of whom are from the United States and Canada.
Official source
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