Country Summary: The Bahamas
Country Name: The Bahamas
Capital: Nassau
Official Visa & Travel Information: The Government of The Bahamas: Ministry of Foreign Affairs, Consular Division eVisa Online Services (Visa Services)
Government Type: Parliamentary Democracy under a Constitutional Monarchy; a Commonwealth realm.
Background: Lucayan Indians inhabited the islands when Christopher COLUMBUS first set foot in the New World on San Salvador in 1492. British settlement of the islands began in 1647; the islands became a colony in 1783. Piracy thrived in the 17th and 18th centuries because of The Bahamas close proximity to shipping lanes. Since attaining independence from the UK in 1973, The Bahamas has prospered through tourism, international banking, and investment management, which comprise up to 85% of GDP. Because of its proximity to the US - the nearest Bahamian landmass being only 80 km (50 mi) from Florida - the country is a major transshipment point for illicit trafficking, particularly to the US mainland, as well as Europe. US law enforcement agencies cooperate closely with The Bahamas, and the US Coast Guard assists Bahamian authorities in maritime security and law enforcement through Operation Bahamas, Turks and Caicos, or OPBAT.
Region: Caribbean
Population: 358,508 (2023 est.)
Ethnic Groups: African descent 90.6%, White 4.7%, mixed 2.1%, other 1.9%, unspecified 0.7% (2010 est.)
Languages: English (official) and Creole (among Haitian immigrants).
Religions: Protestant 69.9% (includes Baptist 34.9%, Anglican 13.7%, Pentecostal 8.9% Seventh Day Adventist 4.4%, Methodist 3.6%, Church of God 1.9%, Brethren 1.6%, other Protestant .9%), Roman Catholic 12%, other Christian 13% (includes Jehovah's Witness 1.1%), other 0.6%, none 1.9%, unspecified 2.6% (2010 est.)
Economic Overview: High-income tourism and financial services economy; major income inequality; strong US bilateral relations; several tax relief programs; targeted investment in agriculture, energy, light manufacturing, and technology industries.
Currency: Bahamian Dollar (BSD)
Reserves of Foreign Exchange & Gold: $2.433 billion (31 December 2021 est.)
Real GDP (Purchasing Power Parity): $12.323 billion (2021 est.); note: data IS in 2017 U.S. dollars
Real GDP Growth Rate: 13.72% (2021 est.)
Real GDP per Capita: $30,200 (2021 est.); note: data is in 2017 U.S. dollars
Exports:
$3.202 billion (2021 est.); note: data is in current year U.S. dollars and does not include illicit exports or re-exports
Comparison Ranking: 145
Export Commodities: Refined petroleum, ships, aluminum, lobsters and crawfish, styrene polymers, and Bahamian cannabis (production remains a significant illicit trade export) (2021)
Export Partners: United States 26%, Germany 16%, Singapore 13%, Poland 13%, Thailand 9% (2021)
Imports:
$4.924 billion (2021 est.) note: data is in current year U.S. dollars
Comparison Ranking: 143
Import Commodities: Refined petroleum, ships, aircraft, crude petroleum, and floating docks (2021)
Import Partners: United States 37%, South Korea 12%, Germany 9%, China 7%, Russia 6% (2021)
Natural Resources: Salt, aragonite, timber, and arable land.
Agricultural Products: Sugar cane, grapefruit, vegetables, bananas, tomatoes, poultry, tropical fruit, oranges, coconuts, and mangoes/guavas.
Industries: Tourism, banking, oil bunkering, maritime industries, transshipment and logistics, salt, aragonite, and pharmaceuticals.
Industrial Production Growth Rate:
8.51% (2021 est.)
Comparison Ranking: 45
Labor Force: 224,400 (2021 est.)
Labor Force By Occupation:
Agriculture: 3%
Industry: 11%
Services: 49%
Tourism: 37% (2011 est.)
Unemployment Rate: 13.24% (2021 est.)
Natural Hazards: Hurricanes and other tropical storms cause extensive flood and wind damage.
Geography:
Total: 13,880 sq km
Land: 10,010 sq km
Water: 3,870 sq km
(Country Summary, The World Factbook, CIA.gov)
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