What is the tourism industry in the Bahamas?
Tourism accounts for more than one-third of the GNP and employs about two-fifths of the workforce. It centres on New Providence and Grand Bahama islands; most tourists come from the United States.
How did the Bahamas benefit from the Civil War?
From 1861 to 1865, The Islands Of The Bahamas benefited greatly from the U.S. Civil War. Britain’s textile industry depended on Southern cotton; however, the Union blockaded British ships from reaching Southern ports.
What is the economy like in the Bahamas?
Economy of the The Bahamas In spite of the concentration of the population in urban centres (especially Nassau and Freeport) that are devoted to tourism, the traditional pattern of small farming and fishing prevails in some villages, notably in the southeastern islands.
What happened to the Bahamas'forests?
When Europeans first landed on the islands, they reported the Bahamas were lushly forested. Cleared to develop the land for sugarcane plantations, the forests have not regrown and have not been replanted. For many years, historians believed that The Bahamas was not colonized until the 17th century.
What type of industry does The Bahamas have?
Bahamas Industry Major industries include tourism, banking, cement, oil refining and transshipment, salt production, rum, aragonite, pharmaceuticals, and spiral-welded steel pipe. Major agricultural products include citrus, vegetables, and poultry.
What are the settlements of The Bahamas?
These communities include: High Rock, Pelican Point, Riding Point, Old Freetown, New Freetown, McLean's Town, Gambier Point, Gold Rock, BevansTown, Rocky Creek and Thomas Town. Settlements off the mainland include: Sweeting's Cay, Water Cay and Deep Water Cay which has a fishing lodge with its own airstrip.
Is The Bahamas industrialized?
There is no heavy industry and little mass production; most industry is on the individual craftsman level. The tourist oriented manufacturing includes the "straw market" and its associated cottage or street industry of weaving and plaiting of palm straw and sisal fibers.
What are economic problems in The Bahamas?
The Bahamian economy is in a precarious position with four consecutive credit downgrades, consistently high fiscal deficits, GDP growth at near naught, unemployment at a soaring high and 1 in 10 Bahamians living in poverty.
How many settlements are there in the Bahamas?
The archipelago consists of about 2,400 Cays (coral reefs) and 700 islands, 30 of which are inhabited.
What is the main settlement of Grand Bahamas?
FreeportMain settlements Freeport is the main city of Grand Bahama. It holds the commercial ship harbour and the main airport. Lucaya is a tourist destination on the island, with beaches and hotels.
What's a primary industry?
Primary industries are those that harvest or extract raw material from nature, such as agriculture, oil and gas extraction, logging and forestry, mining, fishing, and trapping.
Is the Bahamas rich or poor?
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).
What is the third largest industry in the Bahamas?
FisheriesFisheries is the third-largest industry in The Bahamas, with fisheries exports contributing more than $50 million per year to the economy.
What are the main issues in the Bahamas?
While the Bahamas is battling against the economic crisis, the three major issues in the Bahamian society are crimes, unemployment and sexual abuse. Crime is the first important major issue in the Bahamas. The crime rate is alarmingly increasing in the Bahamas.
How does tourism affect the Bahamas?
The Bahamas is largely an import service economy; its economy is almost entirely dependent on tourism and financial services to generate foreign exchange earnings. Tourism alone provides an estimated 60% of the gross domestic product (GDP) and employs about half the Bahamian work force.
What are some social issues in the Bahamas?
Health and welfare. Bahamians are relatively free of malnutrition and debilitating diseases, and medical problems among children are largely those involving common infections. Increasing alcohol and drug abuse, obesity, and HIV/AIDS have become concerns, and care for the aged is a mounting problem.
Who settled the Bahamas?
300 to 400 ADLucayan/Christopher Columbus From around 900-1500 AD the Lucayan people settled here. They enjoyed a peaceful way of life and had developed viable political, social and religious systems.
What is the main settlement of Crooked island?
Albert Town, its main settlement, is now sparsely populated though it was once a prosperous little town. It was engaged in the sponge and salt industries and also served as a port from which stevedores were engaged to serve on the German, American and Dutch boats which then travelled to South America and the Caribbean.
What is the settlement of Cat island?
The main settlements are Dumfries, New Bight, Arthur's Town (capital settlement and childhood home of Sidney Poitier), Orange Creek, and Port Howe.
What is the main settlement of Andros?
Fresh CreekMost of the settlements on Andros are located on the eastern coast, with more than half the population centralized in 3 main towns: Nicholl's Town, Andros Town (aka Fresh Creek), and Congo Town. The island's western coast is still largely uninhabited with one key settlement called Red Bays.
What are the major industries in the Bahamas?
The Bahamas has a few notable industrial firms: the Freeport pharmaceutical firm, PharmaChem Technologies (GrandBahama) Ltd. (formerly Syntex); the BORCO oil facility, also in Freeport, which transships oil in the region; the Commonwealth Brewery in Nassau, which produces Heineken, Guinness, and Kalik beers; and Bacardi Corp., which distills rum in Nassau for shipment to the U.S. and European markets. Other industries include sun-dried sea salt in Great Ina gua, a wet dock facility in Freeport for repair of cruise ships, and mining of aragonite —a type of limestone with several industrial uses—from the sea floor at Ocean Cay. Other smaller but more nimble players in the banking industry include Fidelity Bank (Bahamas) Ltd. (FBB) and Royal Fidelity Merchant Bank & Trust Limited (RFMBT). FBB offers a wide range of innovative banking products including loan products with built-in savings plans. RFMBT is the only merchant bank in the Bahamas and is a joint venture with Royal Bank of Canada. It provides investment products and services and attracts the majority of the corporate business deals in the Bahamas, most recently acting as financial advisor and placement agent for the largest initial public offering (IPO) ever in the Bahamas with the IPO of Commonwealth Brewery, a Heineken subsidiary.
What is the economy of the Bahamas?
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, but the slowdown in the US economy and the attacks of September 11, 2001 held back growth in these sectors in 2001–03. 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 US, 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.
How many tourists visited the Bahamas in 2016?
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 . .
Why is the Bahamas considered an uncooperative country?
The European Union lists The Bahamas as one of several Caribbean "uncooperative jurisdictions" because it fails to meet tax fairness and transparency benchmarks.
When did the Bahamas start the IBC?
The Bahamas promulgated the International Business Companies (IBC) Act in January 1990 to enhance the country's status as a leading financial center. The Act simplified and reduced the cost of incorporating offshore companies in the Bahamas. Within 9 years, more than 100,000 IBC -type companies had been established.
Does the Bahamas have income tax?
Further information: Taxation in the Bahamas. The Bahamas has no income tax, corporate tax, capital gains tax, or wealth tax. Payroll taxes fund social insurance benefits and amount to 3.9% paid by the employee and 5.9% paid by the employer. In 2010, overall tax revenue was 17.2% of GDP.
Does the Bahamas export fish?
The Bahamas exports lobster and some fish but does not raise these items commercially. There is no large scale agriculture, and most agricultural products are consumed domestically. The Bahamas imports more than $250 million in foodstuffs per year, representing about 80% of its food consumption.
How did the Bahamas benefit from the Civil War?
From 1861 to 1865, The Islands Of The Bahamas benefited greatly from the U.S Civil War. Britain's textile industry depende d on Southern cotton; however, the Union blockaded British ships from reaching Southern ports. So blockade runners from Charleston met British ships here and traded cotton for British goods. Upon their return, they sold their shipment for huge profits.
Why did the colonial government expand Prince George Wharf in Nassau?
The colonial government expanded Prince George Wharf in Nassau to accommodate the flow of alcohol. When Prohibition ended in 1934 so did the enormous revenues. Combined with the collapse of the sponge harvesting industry, it economically devastated The Bahamas. 1898 Tourism and Independence.
Why were the Lucayans wiped out?
Within 25 years, all of the Lucayans were wiped out due to the diseases, hardships and slavery endured. English Puritans known as "Eleutheran Adventurers" arrived here in 1649 in search of religious freedom. Instead, they found food shortages.
How many times was Nassau destroyed?
Established around 1670 as a commercial port, Nassau was overrun by lawless, seafaring men. Years later, Nassau was destroyed twice —once by Spanish troops, the other time by French and Spanish navies. Soon after, pirates began looting the heavily laden cargo ships.
What did William Sayle do to help the colonists?
Instead, they found food shortages. Captain William Sayle sailed to the American colonies for help and received supplies from the Massachusetts Bay Colony. Upon his return, the settlers thanked them by shipping them brasileto wood. The proceeds helped purchase land for what later become Harvard University.
What did the American colonists bring to Eleuthera?
Many brought their slaves as well as their building skills and agriculture and shipbuilding expertise. These greatly influenced Eleutheran life. In 1783, they solidified their independence and forced the retreat of the Spanish forces from the region without firing a shot.
What was Columbus's name for the islands of the Bahamas?
Inspired by the surrounding shallow sea, he described them as islands of the "baja mar" ( shallow sea), which has become The Islands Of The Bahamas.
What is the significance of the Bahamas?
Their strategic location has given the history of The Bahamas a unique and often striking character. It was there that Christopher Columbus made his original landfall in the Americas.
Why are the islands so dependent on tourism?
The islands, lacking natural resources other than their agreeable climate and picturesque beaches, have become heavily dependent on the income generated by the extensive tourist facilities and the financial sector that have been developed, often as a result of the injection of foreign capital.
What is the topography of the Bahamas?
Extensive areas of flatland, generally a few feet in elevation, are the dominant topographic features of the major islands; the Bimini group (9 square miles [23 square km]), for example, has a maximum elevation of only 20 feet (6 metres). A number of islands fronting the Atlantic have a range or series of ranges of hills on the northeastern side that parallel the longer axes of the islands. These ranges are formed of sand washed ashore and blown inland by the trade winds. The newer hills adjacent to the seashore are normally sand dunes. Solidity increases toward the interior, where the particles become cemented to form Bahama limestone. Eleuthera and Long Island (230 square miles [596 square km]) have the greatest number of hills exceeding 100 feet (30 metres). The highest point in The Bahamas, Mount Alvernia, at 206 feet (63 metres), is on Cat Island (150 square miles [388 square km]). Beneath the soil, the islands are composed of limestone rock and skeletal remains of coral fossils and other marine organisms. There are no rivers, but several islands—particularly New Providence, San Salvador (63 square miles [163 square km]), and Great Inagua—have large lakes. There is abundant fresh water on Andros Island.
What are the major islands in the Bahamas?
They include Grand Bahama, which contains the major settlements of Freeport and West End; Andros (2,300 square miles [6,000 square km]), the largest island of The Bahamas; Abaco, or Great Abaco, (372 square miles [963 square km]); and Eleuthera (187 square miles [484 square km]), the site of one of the early attempts at colonization.
How many square miles is Grand Bahama?
It stretches more than 500 miles (800 km) southeast-northwest between Grand Bahama Island, which has an area of 530 square miles (1,373 square km) and lies about 60 miles (100 km) off the southeastern coast of the U.S. state of Florida, and Great Inagua Island, some 50 miles (80 km) from the eastern tip of Cuba.
What is the capital of the Bahamas?
The capital, Nassau, is located on small but important New Providence Island. The Bahamas Encyclopædia Britannica, Inc.
What is the highest point in the Bahamas?
The highest point in The Bahamas, Mount Alvernia, at 206 feet (63 metres), is on Cat Island (150 square miles [388 square km]). Beneath the soil, the islands are composed of limestone rock and skeletal remains of coral fossils and other marine organisms.
What is the capital of Grand Bahama?
The capital of Grand Bahama, West End dates back to the prosperous days of bootlegging and is now a quiet fishing village with quaint bars, conch salad stands, restaurants and churches. The legendary Jack Tar Village Resort is now the Old Bahama Bay Resort, the main tourist attraction in this settlement.
How big is Grand Bahama?
The western tip of Grand Bahama, where the settlement of West End is located, is about 55 miles off the Florida coast. The island is approximately 530 square miles and may be divided into three main sections:
What did the Bahamas do to the Spanish?
The Bahamian wreckers drove the Spanish away from their wrecked ships, and attacked Spanish salvagers, seizing goods the Spanish had already recovered from the wrecks. When the Spanish raided the Bahamas, the Bahamians in turn commissioned privateers against Spain, even though England and Spain were at peace.
Why is the population of the Bahamas so low?
Population density in the southernmost Bahamas remained lower, probably due to the drier climate there (less than 800 mm of rain a year on Great Inagua Island and the Turks and Caicos Islands and only slightly higher on Acklins and Crooked Islands and Mayaguana).
What happened to the William in Bermuda?
The larger of the company's two ships, the William, wrecked on the reef at the north end of what is now called Eleuthera Island, with the loss of all provisions.
How long did it take the Lucayan to expand?
From the initial colonization (s), the Lucayan expanded throughout the Bahamas in some 800 years (c. 700 – c. 1500), growing to a population of about 40,000.
When did the Bahamas first appear?
The earliest arrival of people in the islands now known as The Bahamas was in the first millennium AD. The first inhabitants of the islands were the Lucayans, an Arawakan -speaking Taino people, who arrived between about 500 and 800 AD from other islands of the Caribbean .
Who was the governor of the Bahamas in 1717?
They persuaded the Proprietors of Carolina to surrender the government of the Bahamas to the king, while retaining title to the land. In 1717 King George appointed Rogers governor of the Bahamas and issued a proclamation granting a pardon to any pirate who surrendered to a British governor within one year.
Who was the British colony leader who led an expedition to Madagascar to find the pirates?
Reasserting British control. Starting in 1713, Woodes Rogers had conceived the idea of leading an expedition to Madagascar to suppress the pirates there and establish it as a British colony. Rogers' friends Richard Steele and Joseph Addison eventually convinced him to tackle the pirates nest in the Bahamas, instead.
Transport Routes
A transport route is a path that is used regularly to get people and products from one location to another in the shortest possible amount of time. Some of the earliest transport routes sprung from the ingenuity and skill of Roman engineers who built a network of roads and highways throughout the Roman Empire.
Transport Routes and Settlements
Think about where you live. Are you near a railway or highway? Perhaps a major river runs through your city, or town or maybe your town sits on the coast of a large body of water, like a lake or ocean. Why do you think people chose to build these settlements in these locations?
Transport Routes and Industry
The Industrial Revolution accelerated the need for transport routes and reliable transportation.
Overview
Features of the Bahamian economy
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…
Taxation
The Bahamas has no income tax, corporate tax, capital gains tax, or wealth tax. Payroll taxes fund social insurance benefits and amount to 3.9% paid by the employee and 5.9% paid by the employer. In 2010, overall tax revenue was 17.2% of GDP. A value-added tax (VAT) of 7.5% has been levied 1 January 2015. It then increased from 7.5% to 12% effective from 1 July 2018.
Statistics
The following table shows the main economic indicators in 1980–2017.
• Household income or consumption by percentage share—highest 10%: 27% (2000)
• Agriculture - products—citrus, vegetables, poultry
• Electricity - production—2,505 GWh (2007 est.) - Rank 133
See also
• List of Commonwealth of Nations countries by GDP
• List of Latin American and Caribbean countries by GDP growth
• List of Latin American and Caribbean countries by GDP (nominal)
• List of Latin American and Caribbean countries by GDP (PPP)
External links
• Bahamian Government Statistics
Quotes
People
- As early as 300 to 400 AD, people who came from what is now Cuba (there was no country named Cuba at that time) lived on The Islands Of The Bahamas and relied on the ocean for food. From around 900-1500 AD the Lucayan people settled here. They enjoyed a peaceful way of life and had developed viable political, social and religious systems.
Origin
- In 1492, Christopher Columbus made landfall in the New World on the island of San Salvador. Inspired by the surrounding shallow sea, he described them as islands of the baja mar (shallow sea), which has become The Islands Of The Bahamas. When he arrived, there were about 40,000 Lucayans. Their peaceful nature made the Lucayans easy targets for enslavement however, and …
History
- English Puritans known as Eleutheran Adventurers arrived here in 1649 in search of religious freedom. Instead, they found food shortages. Captain William Sayles sailed to the American colonies for help and received supplies from the Massachusetts Bay Colony. Upon his return, the settlers thanked them by shipping them brasileto wood. The proceeds helped purchase land for …
Early history
- Established around 1670 as a commercial port, Nassau was overrun by lawless, seafaring men. Years later, Nassau was destroyed twiceonce by Spanish troops, the other time by French and Spanish navies.
Aftermath
- Soon after, pirates began looting the heavily laden cargo ships. By 1718, the King of England appointed Woodes Rogers to serve as the Royal Governor. His job was to restore order. And he did. He offered amnesty to those who surrendered. Those who resisted would be hanged. 300 pirates surrendered and the rest, including Blackbeard, fled.
Effects
- From 1861 to 1865, The Islands Of The Bahamas benefited greatly from the U.S. Civil War. Britains textile industry depended on Southern cotton; however, the Union blockaded British ships from reaching Southern ports. So blockade runners from Charleston met British ships here and traded cotton for British goods. Upon their return, they sold their sh...
Events
- On July 10, 1973, The Bahamas became a free and sovereign country, ending 325 years of peaceful British rule. However, The Bahamas is a member of the Commonwealth of Nations and we celebrate July 10th as Bahamian Independence Day.