The Common Wealth of the Bahamas

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Recommended: Explain the importance of tourism to the economy of Jamaica

The economy of the Bahamas is heavily reliant on tourism. Tourism is important because it employs 60% of the work force and represents 70% of the economy. The main attractions of the Bahamas is the white sandy beaches and close proximity to the United States. The temperature is warm all year, making it a popular destination all year round especially for people who don’t like the snow and cold. Tourism also helps bring new ideas and cultures to the area. Tourism helps in many ways both financially and culturally.

Banking is also important to the people of the Bahamas. The Bahamas are home to some of the world’s wealthiest people and businesses do to their generous tax laws. They have no tax on income, inheritance, or profits. The capital Nassau has one of the highest concentrations of foreign banks in the world on its bay street giving it the name “Little Switzerland.” Local banks employ more than 25% of the work force making it their second largest economic sector. Banking provides the islands with much needed money and jobs.

Manufacturing is relatively small compared to other industries, but still important. Manufacturing is only employing about 10% of the work force but is growing slowly. Oil refining from the Gulf of Mexico and aragonite mining (one of two natural forms of calcium carbonate) are their two biggest industries. Pharmaceuticals, plant extracts, and chemicals are also big industries on the island of Freeport. Great Iguana Island also has solar evaporation sea salt plants. Rum is also a product of so of the smaller islands but not exported to the United States. Manufacturing is a small but important to the islands especially the small ones.

Agriculture and trade are the smallest economic activities for the i...

... middle of paper ...

... Bahamas made much of the illegal alcohol for the United States, but after prohibition the population of the Bahamas began to fall off. The Bahamas became fully independent on July 10, 1973 after leaving Great Britain. The Bahamas have had many people there and a big history.

The Bahamas are country of mild geography, rich history, friendly people, dramatic history, and prosperous society. You now know all you need to know on the Bahamas to pass a test and do well on it.

Works Cited

Barlas,Marshall. Cultures of the World. New York. 2005

Bahamas. World Book Encyclopedia 1984 edition.

“Nassau; a World Culture.” Bahamas.com December 17, 2013
Porter,Darwin. Frommers Portable Bahamas Hudson New Jersey. 2011

“Bahaman History.” Infoplease.com December 14, 2013.

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