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About The Bahamas

Bahamas Population: 299,697 (July 2004 est.)
Languages: English (official), Creole (among Haitian immigrants)
Capital: Nassau
Government Type: Constitutional Parliamentary Democracy
Independence Day: 10 July 1973 (from UK)
Legal System: Based on English common law
Currency: Bahamian dollar (BSD)

Executive Branch:

Chief of State: Queen ELIZABETH II (since 6 February 1952), represented by Governor General Dame Ivy DUMONT (since NA May 2002).

Head of Government: Prime Minister Perry CHRISTIE (since 3 May 2002) and Deputy Prime Minister Cynthia PRATT (since 7 May 2002).

American Embassy: 42 Queen Street, Nassau
Address: P. O. Box N-8197, Nassau
Phone: [1] (242) 322-1181 Fax: [1] (242) 356-0222

General Overview: 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.

Economic 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.

International Disputes: Have not been able to agree on a maritime boundary with the US; is concerned about refugees fleeing Haiti's deteriorated economic and political conditions.