countryaah, the Bahamas economy is based on tourism, finance and the
ship register established in 1976. In 2002, per capita GDP
was $ 17,000. The role of the Bahamas as an important
intermediary for drug smuggling into the United States is
likely to have generated significant revenue.
Prerequisites for agriculture are relatively poor; only
1% of the area is cultivable and the industry is of modest
economic importance. Fruit and vegetable cultivation is the
most important. It is cultivated i.a. cucumbers, tomatoes,
pineapples, avocados, citrus fruits and bananas. Some animal
The waters around the Bahamas have a rich fauna.
Commercial fishing is concentrated on shellfish, crawfish,
sea crabs and shrimp.
The industry is relatively modest. State attempts have
been made to develop industry based on processing of raw
materials from agriculture and fisheries. Clothes,
furniture, plastic products, pharmaceuticals, beer, rooms,
cement, souvenirs etc. are produced. Some petroleum
activities, mainly transit trade. Extraction of salt and
aragonite. Exploration for offshore petroleum is underway.
The mild climate and beautiful beaches attract millions
of tourists each year, and the tourism industry is the most
important industry in terms of both value creation and
employment. The best tourist season is December – April, and
most tourists come from the United States. From the late
1980s, the Bahamas received increased competition from other
Caribbean tourist destinations, but has managed to maintain
its position as the Caribbean's leading tourist destination.
In recent years, the number of tourists arriving by cruise
ships has increased at the expense of the country's hotel
Banking and finance are also an important industry. Many
financial institutions and firms are registered in the
Bahamas for tax reasons, and real estate sales and banking
are an important part of economic life. One of the world's
largest trading fleets is registered in the country's
international ship register (1135 ships in 2002).
Main export goods are petroleum (re-export of petroleum
imported from Venezuela and Mexico), seafood (lobster)
pharmaceutical products and space. Imports include: food,
finished goods, transport and petroleum. The United States
is the largest trading partner.
Transport and Communications
The road network on the largest islands is well developed
and of a good standard. There are international airports at
Nassau (New Providence) and Freeport (Grand Bahama). The
main port is Nassau on New Providence. By the way, Freeport
(Grand Bahama) and Mathew Town (Inagua) are important ports.
Freeport got a new container terminal in 1997. The boat and
air connection between the islands is good.