Place Credit Reports Bahamas Order
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Economy Overview:
The Bahamas is a stable, developing nation 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. Steady growth in tourism receipts and a boom in
construction of new hotels, resorts, and residences had led to solid GDP
growth in recent years, but the slowdown in the US economy and the
attacks of 11 September 2001 held back growth in these sectors in
2001-03. The current government has presided over a period of economic
recovery and an upturn in large-scale private sector investments in
tourism. Financial services constitute the second-most important sector
of the Bahamian economy, accounting for about 15% of GDP. However, since
December 2000, when the government enacted new regulations on the
financial sector, many international businesses have left The Bahamas.
Manufacturing and agriculture together contribute approximately a tenth
of GDP and show little growth, despite government incentives aimed at
those sectors. Overall growth prospects in the short run rest heavily on
the fortunes of the tourism sector, which depends on growth in the US,
the source of more than 80% of the visitors.
GCS and Graydon International
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