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• GDP: US$5.7 billion (2004 estimate).
• Main exports: Salt, aragonite, chemicals, fish, fruit and vegetables and beverages.
• Main imports: Foodstuffs, manufactured goods, vehicle parts, hotel, restaurant and medical supplies and electronics.
• Main trade partners: Exports to: USA, EU and Canada; Imports from: USA, Venezuela, Netherlands Antilles and EU.
• Main exports: Salt, aragonite, chemicals, fish, fruit and vegetables and beverages.
• Main imports: Foodstuffs, manufactured goods, vehicle parts, hotel, restaurant and medical supplies and electronics.
• Main trade partners: Exports to: USA, EU and Canada; Imports from: USA, Venezuela, Netherlands Antilles and EU.
Economy
One of the wealthiest countries in the Caribbean, The Bahamas depends heavily on its main industry of tourism which provides around 60% of GDP. The economy grew by about 3% in 2005, largely thanks to the recovery of tourism from the USA.
The Bahamas also has a sizeable offshore banking sector, accounting for around 15% of GDP, although it has come under pressure as a result of competition from elsewhere and international efforts to tighten up on ‘tax havens’. In June 2000, the Bahamas were identified by the Organisation for Economic Cooperation and Development (OECD) as one of 35 countries whose financial laws were inadequate to prevent large-scale tax evasion and possible money laundering. The government has since taken measures to meet the OECD’s requirements.
Most foodstuffs and virtually all other products must be imported, although the government is aiming to increase food production. Unemployment in 2005 remained fairly steady at 10%.
The Bahamas also has a sizeable offshore banking sector, accounting for around 15% of GDP, although it has come under pressure as a result of competition from elsewhere and international efforts to tighten up on ‘tax havens’. In June 2000, the Bahamas were identified by the Organisation for Economic Cooperation and Development (OECD) as one of 35 countries whose financial laws were inadequate to prevent large-scale tax evasion and possible money laundering. The government has since taken measures to meet the OECD’s requirements.
Most foodstuffs and virtually all other products must be imported, although the government is aiming to increase food production. Unemployment in 2005 remained fairly steady at 10%.
Business Etiquette
Normal courtesies are observed, ie appointments are made and business cards are exchanged.
Office hours: Mon-Fri 0900-1700.
Office hours: Mon-Fri 0900-1700.
Conferences & Conventions
Conference venues can seat up to 2,000 people. Information may be obtained from the Bahamas Tourist Office or the Bahamas Ministry of Tourism in Nassau.
Business Contacts
Bahamas Chamber of Commerce
PO Box 40808, Freeport, Grand Bahama, The Bahamas
Tel: 352 8329.
Website: www.thegrandbahamachamberofcommerce.com
PO Box 40808, Freeport, Grand Bahama, The Bahamas
Tel: 352 8329.
Website: www.thegrandbahamachamberofcommerce.com
