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Region:
Caribbean
Capital:
Nassau
Population:
299,697 (July
2004 est.)
Surface
area:
13,878 sq km
Currency:
dollar
GDP
per capita:
purchasing power
parity - $16,800
(2003 est.)
Background:
Arawak 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.
Since attaining
independence
from the UK in
1973, The Bahamas
have prospered
through tourism
and international
banking and investment
management. Because
of its geography,
the country is
a major transshipment
point for illegal
drugs, particularly
shipments to
the US, and its
territory is
used for smuggling
illegal migrants
into the US.
Economy
– Overview:
The Bahamas is
a stable, developing
nation with an
economy heavily
dependent on
tourism and offshore
banking. Tourism
alone accounts
for more than
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.
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. In
addition to tourism
and banking,
the government
supports the
development of
a "third
pillar,"
e-commerce.
United
Nations membership
date:
18 September
1973
New
York Mission:
Permanent Mission
of the Commonwealth
of The Bahamas
to the United
Nations
231 East 46th
Street
New York, N.Y.
10017 USA
Telephone: 212-421-6925,
6926, 6929
Fax: 212-759-2135
Website:
www.bahamasny.com
http://www.un.int/bahamas
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