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Economics and Business in the Bahamas

According to 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.

Business and Economy of Bahamas

Agriculture

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 husbandry.

Fishing

The waters around the Bahamas have a rich fauna. Commercial fishing is concentrated on shellfish, crawfish, sea ​​crabs and shrimp.

Industry

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.

Service industries

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 industry.

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).

Foreign Trade

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.

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