Bahamas Business

By | March 3, 2021

According to abbreviationfinder, BS is the 2 letter abbreviation for the country of Bahamas.

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.

Gross Domestic Product (GDP) 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.e. 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

According to Countryaah, 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.

HISTORY

The fight against crime and corruption, largely linked to drug trafficking, remained the country’s main challenges even in the 21st century. The conservative governments, an expression of the Free National Movement (FNM), in power since 1992, had in fact failed to give a convincing answer to these questions despite the adoption of extreme measures, such as frequent use of the death penalty. The tourism sector was particularly damaged as a result, also proved by the decline in US inflows following the climate of fear generated by the terrorist attacks of 11 September 2001.at the Twin Towers in New York and the Pentagon. On the other hand, the attempt to impose greater transparency on offshore financial activities, as requested by the international community, had a partially better outcome. The persistence of a widespread state of uncertainty and the worsening of the economic situation penalized the government forces. In May 2002 the legislative elections marked the defeat of the FNM, and restored the Progressive Liberal Party to power after ten years., whose leader, PG Christie, was appointed prime minister. The new executive continued the financial policy of its predecessor and committed to improving public services. On the international level, the country continued to have privileged relations with the United States, while relations with Cuba and Haiti remained strained due to the persistence of massive illegal immigration.