Introduction: Bahamas Download PDF

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. 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 Europe, and its territory is used for smuggling illegal migrants into the US.

Capital City: Nassau (-5 GMT)  
Chief of State: Queen Elizabeth II represented by Governor General Arthur D. Hanna  
Head of Govt.: Prime Minister Hubert A. Ingraham  
Currency: Bahamian dollar  
Main Cities: Freeport, Grand Bahama  
Major Languages: English (official), Creole (among Haitian immigrants)  
Calling Code: 1-242  
Voltage: 120  
Stock Exchanges: Bahamas International Securities Exchange  
Primary Religions: Baptist 35.4%, Anglican 15.1%, Roman Catholic 13.5%, Pentecostal 8.1%, Church of God 4.8%, Methodist 4.2%, other Christian 15.2%, none or unspecified 2.9%, other 0.8%  

Main Airports

Exuma International Airport , Grand Bahama International (FPO), Nassau International (NAS)

U.S. Embassy

42 Queen Street, Nassau
tel. 242-322-1181

Key Facts

GDP (ppp) per CAPITA
$29,600 (2008 est.)
Inflation Rate
2.4% (2007 est.)
Population
309,156
Country Risk Ratings
-
Ease of Doing Business
55/181
Global Competitiveness
-/134

Statistics

Labor force:
175,500 (2007)
Exports:
$674 million (2006)
Exports - partners:
US 20.8%, Singapore 18.2%, Poland 17.5%, Germany 7.3%, Japan 7.2%, Guatemala 5.5%, Switzerland 4.7% (2008)
Imports:
$2.401 billion (2006)
Imports - partners:
US 27.1%, Japan 17.8%, South Korea 14.7%, Singapore 7.9%, Venezuela 5.4% (2008)
Major Industries:
tourism, banking, cement, oil transshipment, salt, rum, aragonite, pharmaceuticals, spiral-welded steel pipe

Rankings

E-readiness Rankings
-
 
The E-readiness Ranking is reported yearly by the Economist Intelligence Unit, a research and advisory firm. The E-readiness Ranking evaluates the technological, economic, political and social assets of countries to assess the information and communications technology infrastructure, and the infrastructures benefits on the country's consumers, businesses and governments. The higher ranked countries have a better ability to leverage digital channels for communication, commerce, and government in order to further development.

Data collected in 2007

Source: EIU

Freedom of the Press
16 out of 191
 
The Freedom of the Press Survey is an annual report by The Freedom House, an organization that promotes and researches advocacy of freedom across countries. The Press Survey assesses the degree of print, broadcast, and internet freedom in every country in the world. Ratings are determined by examining three broad categories: the legal environment in which media operate (0-30 points), political influences on reporting and access to information (0-40 points), and economic pressures on content and the dissemination of news (0-30 points). The highest ranked country has the greatest degree of press freedom. Index units, 1-30: Free, 31-60: Partly Free, 61-100: Not Free.

Data collected in 2006

Source: Freedom House

Global Services Location Index
-
 
The Global Services Location Index is published annually by A.T. Kearney, a global management consulting firm. The Global Services Location Index measures the viability of countries as a potential offshore destination for services, based on their financial attractiveness (0-4 points), people and skills availability (0-3 points), and business environment (0-3 points). The highest ranked country is the most attractive as a potential offshoring destination. Index units, 0=location does not provide offshore support, 10=location does provide offshore support.

Data collected in 2007

Source: A.T. Kearney

Index of Economic Freedom
24 out of 155
 
The Index of Economic Freedom is reported annually by the Heritage Foundation, a research and educational institute. The Index of Economic Freedom analyzes a wide range of issues including trade barriers, corruption, government expenditures, property rights, and tax rates to generate an overall ranking of economic freedom. The highest ranked country is the country with the least number of restrictions and constraints on businesses.

Data collected in 2008

Source: Heritage Foundation

Inward FDI Potential Index
50 out of 140
 
The Inward FDI Potential Index is reported every three years by the United Nations Conference on Trade and Development, an organization that promotes the integration of developing countries into the world economy. The Inward FDI Potential Index uses several economic factors that are expected to affect an economy’s attractiveness to foreign investors. The higher ranked countries are more attractive to investors. Index units, 0=low scoring country, 1=high scoring country.

Data collected in 2006

Source: United Nations Conference on Trade and Development 2006

Tax Misery & Reform Index
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The Forbes Tax Misery Index is annually compiled by Forbes, an American publishing and media company. The Tax Misery Index reflects the sum of corporate income, personal income and wealth taxes plus employer social security, employee social security and VAT/sales taxes at the highest marginal rate in each locale. The highest ranked countries impose the harshest taxes while those at the bottom are the most tax friendly.

Data collected in 2007

Source: Forbes

The Globalization Index
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The Globalization Index is compiled annually by A.T. Kearney and Foreign Policy. The Globalization Index ranks the major developed and developing countries in the world by analyzing key components of global integration, such as economic, personal, technological, and political integration. The highest ranked country is the most globalized.

Data collected in 2007

Source: Foreign Policy