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Bahamian economy
Basic ingredients of the Bahamian economy
The Bahamian economy is almost totally dependent on tourism and financial services to generate foreign exchange earnings. Tourism provides only about 60% of gross domestic product (GDP) and employs about half the force Bahamas work. In 2004, more than 5 million tourists visited the Bahamas, most of whom are from the United States.
An important contribution to growth recent Bahamian economy in general is Atlantis Kerzner International Resort Casino, which took over the former Paradise Island Resort, and has provided a great boost necessary to the economy. In addition, the opening of Breezes Super Club and Sandals Resort also helped change. The Bahamas Government has also adopted an approach proactive approach to courting foreign investors and has conducted major investment missions to the Far East, Europe, Latin America and Canada. The primary purpose travel was to restore the reputation of the Bahamas in these markets.
Financial services constitute the second largest sector of the economy of Bahamas, representing up to 17% of GDP due to the situation of the country as an offshore financial center. Since December 1998, the government had approved 418 banks and trusts in the Bahamas. The Bahamas promulgated the International Business Companies (IBC) Act in January 1990 to improve the situation of the country as a financial center leader. The act served to simplify and reduce the cost of incorporating offshore companies in the Bahamas. Within 9 years, more than 84,000 companies IBC type had established. In February 1991 the government legalized the creation of asset protection trusts in the Bahamas. In December 2000, partly in response to which is blacklisted by the FATF Plenary, the government passed legislation to better regulate the financial sector, including the creation of a Financial Intelligence Unit and enforcement of "know your customer." Other initiatives include the enactment of the Foundations Act 2004 and the planned introduction of legislation to regulate private trust.
See also: Agriculture in the Bahamas
Agriculture and fisheries industry together account for 5% of GDP. Bahamas exports lobster and some fish but does not raise these items commercially. No large-scale agriculture, and most agricultural products consumed in the country. The Bahamas imports more than $ 250 million in foodstuffs per year, representing about 80% of its food consumption. The government aims to expand food production to reduce imports and generate foreign exchange. It actively seeks foreign investment aimed at increasing agricultural exports, including specialty items of food. The government officially lists the pork production and processing, fruits and nuts, dairy products, winter vegetables, and mariculture (shrimp farming) as the areas you want to encourage foreign investment.
The Government of The Bahamas remained the value of the Bahamian dollar on par with the U.S. dollar. The Bahamas is a beneficiary of the Caribbean Basin Trade Partnership Act (CBTPA), the program CARIBCAN Canada, European Union and the Lome IV Agreement. Although The Bahamas participates in the political aspects of the Caribbean Community (CARICOM), which has not come together economic initiatives with other Caribbean states.
The Bahamas has a few notable industrial firms: the Freeport pharmaceutical firm, PFC Bahamas (formerly Syntex), which recently streamlined its production and was bought by the Swiss pharmaceutical company Roche, Borco oil installations, also in Freeport, which oil transshipment in the region, the brewer of the Commonwealth in Nassau, which produces Heineken, Guinness, and Kalik beers and Bacardi Corp., which distills rum in Nassau for shipment to U.S. and European markets. Other industries include sun-dried salt from the sea in Great Inagua, a downtown dock in Freeport for repair cruise ships, and mining of aragonite – a type of limestone with several industrial uses – from the sea floor at Ocean Cay.
Hawksbill Creek Agreement established a duty-free zone in Freeport, Bahamas City the second largest, with a nearby industrial park to encourage foreign industrial investment. The company based in Hong Kong, Hutchison Whampoa, has opened a container port in Freeport. Parliament passed legislation in the Bahamas in 1993 that extended most Freeport tax and duty exemptions through 2054.
The Bahamas is largely imported, the service economy. There are about 110 U.S. member companies operating in the Bahamas, and most are related to tourism and banking. With few domestic resources and little industry, The Bahamas imports nearly all its food and manufactured goods United States. U.S. goods and services tend to be favored by the Bahamas because of cultural similarities and heavy exposure to American advertising.
Secondary industries
Manufacturing
In 1999, the industrial sector of the small Bahamas only around 5 percent of the nation's GDP and 5 per cent of employment. government infrastructure projects and private construction provide the main industrial activity. The yard 1 in the Bahamas in Freeport and specializes in the repair of passenger ships or cruise. There is limited production of minerals. The sand is dredged out of the Bahamas and the Bank uses for limestone and the production of commercial arena, which supply the local construction industry. There is also limited salt production for export to the United States. oil refining scale began in 1967 with the installation of a large refinery in Grand Bahama, with a daily capacity of 500,000 barrels, but in 2000 the oil is not being refined.
The pharmaceutical company, PFC Bahamas, produces a small amount of export products and the company oil Borco has a refinery in the islands, but these are individual companies and are not a manufacturing presence. There is significant breweries. Companies like Bacardi, Inc., rum and brandy distilled in the islands, while other international brewers such as the Community brewery products different beers, including Heineken, Guinness, and Kalik brands.
Construction
The construction industry seems to reach its peak in 1998 with the completion of several new resorts. In 1999, new construction projects had fallen by 15.9 percent, with 817 commercial projects worth U.S. continues $ 123 million. However, the terminations private housing up 18.3 percent with a value of U.S. $ 112.1 million. This reflects a growing demand for more luxury homes in the nation.
Tertiary industries
Tourism
Tourism dominates the economy of the Bahamas. In 1999, 3.65 million people visited the islands, with 2.2 million of them arriving on cruise ships. Tourism revenue was 60 percent of the nation's GDP. The average tourist spends U.S. $ 958 while vacationing in the Bahamas, and spending amounted to U.S. tourist $ 1.5 billion. In 2000, there were about 81,700 people employed in the tourism industry. Most visitors are from the USA (83 per cent in 1999). However, in recent years the number of European tourists has increased by 9 percent.
The main spa island of 2,340 room mega-resort Atlantis, which is owned by Sun International. It employs 5,500 people and is the second largest employer in the nation after the government. Other major island resorts include Club Med (popular among the French), sandals (to attract the British), and Holiday Inn. The Grand Bahama Development Company plans to invest U.S. $ 50 million modernization of the airport and cruise facilities to accommodate an additional 555 000 visitors per year.
Although most of the tourist industry in the Bahamas was driven by private enterprise, the Bahamian government owned 20 percent of hotel rooms 1992. Privatization programs have since reduced the government's shares 5 percent.
All major cruise lines offer of the Bahamas. To prolong the stay of the passengers, the government has enacted legislation that allows ships to casinos and shops open only if they remain in port more than 18 hours.
Financial Services
The financial services sector is the second major component of the Bahamian economy. In 1998, this aggregate U.S. industry $ 300 million to the economy today employs 4,900 people, representing about 17 percent of GDP. Government legislation has also encouraged the formation of International Business Companies, foundations and private companies you trust.
Retail
Thanks to the tourist trade, the retailers thrive in the Bahamas. There is a strong preference for recognizable brand products, and major U.S. brands do well in the islands. However, the government requires retailers and wholesalers Bahamas property.
Business Environment
The Bahamas offers attractive features for the potential investor: a stable democratic environment, alleviation of taxes on personal income and corporate, timely repatriation of corporate profits, proximity to the U.S. with good air and telecommunication links, and a good group of skilled professionals. The Government of The Bahamas welcomes foreign investment in tourism and banking and has declared an interest in agricultural and industrial investments to generate local employment, especially in white collar jobs or qualified. Despite their interest foreign investment to diversify the economy, the Bahamian government responds to local concerns about foreign competition and tends to protect the business Bahamas and labor interests. As a result of national resistance to foreign investment and high labor costs, growth can stagnate in sectors which the government wants to diversify.
The country's infrastructure is best developed in the principal cities of Nassau and Freeport, where there are relatively good paved roads and airports international. Electricity is generally reliable, although many companies have their own backup generators. In Nassau, there are two daily newspapers, three weeklies, and several international newspapers available for sale. There are also eight radio stations. Both Nassau and Freeport have a television. Cable TV also is available locally and offers programs of most Americans with some Canadian and European channels.
Areas of opportunity
The best U.S. export opportunities remain in traditional areas of food and manufactured goods: vehicles and parts, hotel supplies, restaurant, and doctors, and computers and electronics. Bahamian tastes in consumer products roughly parallel to U.S. With approximately 85% of the population of descent mainly in Africa, there is a large and growing market in the Bahamas by "ethnic" personal care products. Traders in South Florida have found that it pays to advertise in publications of the Bahamas. Most of the imports in this sector are subject to high but nondiscriminatory tariffs.
Statistics
"Household income or consumption by percentage"
more than 10%: 27% (2000)
Agriculture – products "
citrus, vegetables, poultry
"Electricity – production"
2,505 GWh (2007 est.) – Updated 133
"Electricity – consumption"
1,793 GWh (2007) – Since 133
"Oil – consumption"
26,830 barrels / day (2006 est.) – Range 115
"Oil – exports"
transshipments of 29,000 bbl / day (2003)
"The exchange rates "
Bahamian dollars per U.S. dollar – 1 (2008), 1 (2007), 1 (2006), 1 (2005), 1 (2004)
References
Some material in this article comes from the CIA World Factbook 2009.
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