The Economy in Bahamas

The Bahamas is one of the wealthiest Caribbean countries with an economy heavily dependent on tourism and offshore banking. Tourism together with tourism-driven construction and manufacturing accounts for approximately 60% of GDP and directly or indirectly employs half of the archipelago’s labor force.

Prior to 2006, a steady growth in tourism receipts and a boom in construction of new hotels, resorts, and residences led to solid GDP growth but since then tourism receipts have begun to drop off. The global recession in 2009 took a sizeable toll on The Bahamas, resulting in a contraction in GDP and a widening budget deficit. The decline was reversed in 2010-11 as tourism from the U.S. and sector investment returned.

Financial services constitute the second-most important sector of the Bahamian economy and, when combined with business services, account for about 36% of GDP. However, the financial sector currently is smaller than it has been in the past because of the enactment of new and stricter financial regulations in 2000 that caused many international businesses to relocate elsewhere.

Labor force: 196,900 (2013 est.)

Labor force by occupation: Agriculture: 3%

Industry: 11%

Tourism: 49%

Other services: 37% (2011 est.)

Exports: $976.1 million (2015 est.)

Export commodities: Mineral products and salt, animal products, rum, chemicals, fruit and vegetables.

Imports: $2.65 billion (2015 est.)

Import commodities: Machinery and transport equipment, manufactures, chemicals, mineral fuels, food, and live animals.

Source: CIA The World Factbook