The country’s economic sector is based on foreign tourism (60% of GDP and 49% of employment, 2013), financial services (offshore banking operations) and business services (including registration of foreign sea vessels under a “cheap” flag; in total, about 35% of GDP); e-commerce is actively developing.
Foreign tourism has been developing since the early 1960s (the flow of American tourists from the island of Cuba was redirected here). Tourists arrive by sea (cruise liners) and air transport. In 2013, B.O. was visited by 5.9 million foreign tourists (from the USA – about 85%, from European countries – 7%, from Canada – 5%); net tourism revenues amounted to $2.4 billion.
Types of tourism: beach, cruise, sports (diving, yachting, surfing, kayaking, fishing and golf), event (festivals of “Junkanoo”, Bahamian music, Bimini Island natives, Bahamian cuisine and wine; carnival, sailing regatta and fishing tournaments), cultural and educational (visits to historical forts, traditional villages, the 18th century British settlement “Gambier Historical Village”, the botanical garden and zoo “Ardastra”, a rum distillery, etc.), entertainment (casinos and water parks), health (spa centers), ecological (national parks, bird watching, etc.).
Mass tourism is developed on the islands of Grand Bahama and New Providence (there are large modern hotels, beach areas, yacht clubs, golf courses, casinos, etc.; new resort areas have been created near Freeport and on Paradise Island, connected to Nassau by a causeway), and specific types of tourism are on the islands of Andros, Eleuthera, and Great Inagua (luxury vacations, extreme diving, treasure hunting, etc.).