The Bahamas - Economic sectors



Most of the Bahamas' GDP comes from tourism and financial services, and there is little industry. There is, however, some production of minerals, consisting of cement, salt, sand, and gravel. One of the main labor-intensive industries is construction, which continues to expand because of the building of new housing, even as commercial construction has declined over the past few years.

Tourism is the economic backbone of the Bahamas. It provides the biggest percentage of the nation's GDP and employs more people than any other economic sector.

Financial services form the second chief component of the economy, encompassing banking, insurance, stocks and bonds, and mutual funds.

There is about 1 percent of arable land throughout the islands but plenty of fresh water. With 32 percent of the land comprised of forest, timber is a plentiful natural resource. Most agricultural production is on Grand Bahama Island and the outer islands. While the cultivation of several crops, notably ornamental plants and citrus fruits, has expanded, the farming of poultry and livestock has declined. The government has aggressively looked for foreign investment to improve crop quality and output, while its support for fisheries has improved output and profits.

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