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.
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.
Why are international businesses leaving the Bahamas?
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.
How does the government of the Bahamas spend its money?
Public expenditures are constrained by the government’s dependence on indirect taxes, which are levied primarily on tourism and external trade. The national bank is the Central Bank of The Bahamas, established in 1974. The national currency is the Bahamian dollar; U.S. currency is also accepted throughout the islands.
What are the main industries in The Bahamas?
The Bahamian economy relies predominantly on tourism, which comprises approximately 50% of the total GDP. The financial services sector is the second largest industry, comprising between 15 and 20 percent of GDP. Other smaller- scale industries include agriculture, retail and wholesale trade, fishing and manufacturing.
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.
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 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.
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'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.
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.
Is 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).
How does the tourism industry work?
The tourism industry, also known as the travel industry, is linked to the idea of people travelling to other locations, either domestically or internationally, for leisure, social or business purposes.
Why is tourism called an industry?
So, the real meaning of tourism industry is that it provides all types of products and services which different types of tourists need while they are touring. So, tourism as an industry means satisfying the needs of tourists to make tourism possible, complete and fulfilling.
What type of economy does The Bahamas have?
market economyThe Bahamas has a predominantly market economy that is heavily dependent on tourism and international financial services.
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 is the economy of the Bahamas?
The Bahamas has a predominantly market economy that is heavily dependent on tourism and international financial services. The gross national product (GNP) per capita is one of the highest in the region.
What is the national currency of the Bahamas?
The national bank is the Central Bank of The Bahamas, established in 1974. The national currency is the Bahamian dollar; U.S. currency is also accepted throughout the islands.
Where is the cruise ship docked in Bahamas?
Cruise ship docked at the port of Nassau, Bahamas.
Is the Bahamas a market economy?
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. The Bahamas has a predominantly market economy that is heavily dependent on tourism ...
What are the main industries in the Bahamas?
Some of the main industries in the Bahamas include banking, tourism, oil transshipment, cement, pharmaceuticals, salt, aragonite, and rum among others. The population of Bahamas is concentrated mainly in the urban areas particularly in Nassau and Freeport; however, there are traditional small farming and fishing activities in ...
What are the natural resources of the Bahamas?
The natural resources of the Bahamas have allowed for the agriculture and fish industrie s to account for about 5% of the country's GDP. The country exports fish and lobsters although it does not raise them commercially. There is no commercial large scale agriculture in the Bahamas, and most of the agricultural output is consumed locally.
How much will the Bahamas GDP be in 2020?
According to econometric models by trading economics, it is projected that the Bahamas GDP will stand at $13.6 billion by 2020. It is also expected to grow at a rate of 2.7% annually. Benjamin Elisha Sawe March 29 2019 in Economics. Home.
What was the GDP of the Bahamas in 2012?
In 2012, the country had a GDP of $11.04 billion and GDP per capita of $31,300. In the same year, it was estimated that the service industry accounted for 90.8% of the GDP while industry accounted for 7.1% of the GDP and agriculture accounted for 2.1% of the country's GDP. Some of the main industries in the Bahamas include banking, tourism, ...
What is the Bahamas?
The Bahamas is a country in the Caribbean located in the Lucayan Archipelago. The country is made up of more than 700 islands, islets, and cays within the Atlantic Ocean. The Bahamas is the wealthiest nation in the Caribbean and the 3 rd richest country in the Americas. Although the Bahamas is still a developing nation, it has one of the most stable economies in the region and the country had a population of 391,232 people in 2016 while its economy is heavily reliant on offshore banking and tourism. In 2012, the country had a GDP of $11.04 billion and GDP per capita of $31,300. In the same year, it was estimated that the service industry accounted for 90.8% of the GDP while industry accounted for 7.1% of the GDP and agriculture accounted for 2.1% of the country's GDP. Some of the main industries in the Bahamas include banking, tourism, oil transshipment, cement, pharmaceuticals, salt, aragonite, and rum among others. The population of Bahamas is concentrated mainly in the urban areas particularly in Nassau and Freeport; however, there are traditional small farming and fishing activities in the villages particularly in the south-eastern islands. The Bahamas gross national product per capita is one of the highest in the Caribbean region.
How many tourists visited the Bahamas in 2016?
In 2016 more than 3 million tourists arrived in the Bahamas and the majority was from Canada and the United States. There has been a steady growth in tourist arrivals in the country over the years, and similarly, there has been a boom in construction of new resorts, hotels, and residences which has seen tourism industry growing for several years.
What is the Bahamian Central Bank?
The Bahamian Central Bank regulates all financial entities in the country including foreign organizations operating in the country, by providing a safe environment for banks focusing on private banking, portfolio management, and mutual fund operations.
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.
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 was the fate of the peaceful original inhabitants?
The subsequent fate of the peaceful original inhabitants remains one of the more tragic episodes in the development of the entire region, while the early attempts at European-dominated settlement were marked by intense national rivalries, interspersed with long periods of lawlessness and piracy.
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.
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:
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.