SportsLifeMoney™

View Original

Country Summary: The Bahamas

See this content in the original post

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)

LEGAL, FINANCIAL, & TAX ADVICE DISCLAIMER: The information on SportsLifeMoney’s™ (“SLM”) websites, podcast network, videos, social media accounts, and other platforms (collectively, “SLM Platforms”) is strictly and solely provided for educational and informational purposes only. All of the information and materials on the aforementioned SLM Platforms do not constitute and are not intended to provide legal, financial, accounting, or tax advice, and should not be relied on in that respect. SLM recommends that you consult with an attorney, certified financial advisor, or licensed accountant to answer any legal, financial, or tax questions you may have. SLM also recommends that you consult with an attorney, certified financial advisor, or licensed accountant before making any legal, financial, or tax-related decisions based on content and/or subject matter included and/or discussed on any of the SLM Platforms. Before you act or rely on any information you have heard, read, viewed, and/or listened to on any of the SLM Platforms or communication mediums, SLM recommends that you confirm any and all facts that are important to your decision and that you subsequently consult with an appropriate professional (e.g., attorney, certified financial advisor, certified accountant, etc.) and have them review these facts and also confirm their validity. CAUTION: IF YOU RELY ON ANY INFORMATION, CONTENT, PRODUCT, OR SERVICE FROM ANY OF THE SLM PLATFORMS, YOU DO SO AT YOUR OWN RISK. YOU UNDERSTAND THAT YOU ARE SOLELY RESPONSIBLE FOR ANY AND ALL DAMAGES OR LOSS THAT YOU MAY INCUR THAT RESULTS FROM YOUR USE AND/OR RELIANCE OF ANY OF THE SLM PLATFORMS OR ANY OF THE CONTENT OR MATERIAL OTHERWISE PROVIDED ON ANY OF THESE SLM PLATFORMS. SLM AND ANY AND ALL OF ITS AFFILIATES MAKE NO IMPLIED OR EXPRESS REPRESENTATIONS OR IMPLIED OR EXPRESS WARRANTIES OF ANY KIND REGARDING ANY AND ALL INFORMATION ON ANY OF THE SLM PLATFORMS OR SLM’S AFFILIATE PLATFORMS. SLM AND ITS AFFILIATES WILL NOT BE HELD LIABLE FOR ANY DAMAGES. By continuing to use any of the SLM Platforms, you acknowledge and agree to the aforementioned terms and conditions of this disclaimer and any and all other legally binding terms and conditions set forth in SLM’s Privacy Policy, Terms & Conditions, and other legally binding agreements. 

See this content in the original post