About the Bahamas

Background: Since attaining independence from the UK in 1973, the Bahamas have prospered through tourism and international banking and investment management.

Location: Caribbean, chain of islands in the North Atlantic Ocean, southeast of Florida.

Economy – overview: The Bahamas is a stable, developing nation with an economy heavily dependent on tourism and offshore banking. Tourism alone accounts for more than 60% of GDP and directly or indirectly employs 40% of the archipelago’s labour force. Moderate growth in tourism receipts and a boom in construction of new hotels, resorts, and residences led to an increase of the country’s GDP by an estimated 3% in 1998. Manufacturing and agriculture together contribute less than 10% of GDP and show little growth, despite government incentives aimed at those sectors. Overall growth prospects in the short run will depend heavily on the fortunes of the tourism sector and continued income growth in the US, which accounts for the majority of tourist visitors.

Time

The Bahamas are five hours behind Greenwich Mean Time (GMT)

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