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Bahamas Economy

Services Oriented
Tourism is the life’s blood of the Bahamian economy, and with the Bahamas’ pearly white beaches and lush vegetation, ample resorts and casinos, it’s easy to see why. Tourism accounts for more than 60% of the country’s gross domestic product (GDP), and employs 40% of the work force.

Anemic tourism was responsible for the downturn in Bahamian economy during the late 80s; revitalized tourism was the source of its recovery in the 90s.

Offshore banking is the second most important sector of the Bahamian economy, accounting for 15% of the nation's GDP, thanks largely to the islands' tax-free status.

Manufacturing and agriculture combined, account for only 10% of GDP. These industries show little growth, despite government incentives aimed at stimulating them.

Foreign Investors Welcome
During the last decade, the Bahamian government has been quite active in courting foreign investors with generous incentives and streamlined administrative procedures. Legislation such as the International Business Companies Act (1990) was enacted in order to simplify and reduce the cost of incorporating offshore companies.

As a result of the government's efforts, the Bahamian economy is quite stable. It enjoys low inflation and modest growth mainly due to the strength of the tourism industry and a boom in the construction of new hotels, resorts and residences. Because the Bahamas' tourism industry is largely dependant on U.S. visitors however, economic trends in the U.S. heavily influence the island nation.

 


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