Industry and agriculture combined account for only 10% of GDP, with tourism and offshore banking dominating the economy. Although the government has attempted to promote growth in industry, little had been accomplished in this sector as of 2002. Large-scale oil refining began in 1967 with the installation of a large refinery on Grand Bahama with a daily capacity of 500,000 barrels, but by 2000 no oil was being refined. Cement and rum production (Bacardi) are important, and enterprises producing pharmaceuticals (PFC Bahamas) and sea salt (at Great Inagua) have been developed. The Commonwealth Brewery in Nassau produces Heineken, Guinness, and Kalik beers. Rum output declined by almost 45% in 1992 because the only rum producer in the Bahamas, Bacardi, transferred part of its production to another country.
Tax and duty free exemptions are guaranteed until 2054 in the Freeport duty-free zone.