[edit] Economy
Main article: Economy of the Bahamas
One of the most prosperous countries in the Caribbean region, the Bahamas relies on tourism to generate most of its economic activity. Tourism as an industry not only accounts for over 60 percent of the Bahamian GDP, but provides jobs for more than half the country's workforce.[27] An example of Tourism in the Bahamas is the number of cruise ships that land in the capital of Nassau where tourists visit the straw market to buy different items or have their hair braided. After tourism, the most important economic sector is financial services, accounting for around 15 percent of GDP.The government has adopted incentives to encourage foreign financial business, and further banking and finance reforms are in progress. The government plans to merge the regulatory functions of key financial institutions, including the Central Bank of The Bahamas (CBB) and the Securities and Exchange Commission. The Central Bank administers restrictions and controls on capital and money market instruments. The Bahamas International Securities Exchange currently consists of 19 listed public companies. Reflecting the relative soundness of the banking system (mostly populated by Canadian banks), the impact of the global financial crisis on the financial sector has been limited.
The economy has a very competitive tax regime. The government derives its revenue from import tariffs, license fees, property and stamp taxes, but there is no income tax, corporate tax, capital gains tax, value-added tax (VAT), or wealth tax. Payroll taxes fund social insurance benefits. In the most recent year, overall tax revenue as a percentage of GDP was 21.8 percent. Authorities are trying to increase tax compliance and collection in the wake of the global crisis. Inflation has been moderate, averaging 3.7 percent between 2006 and 2008.
By the terms of GDP per capita, the Bahamas is the fourth richest country in the Americas (following Bermuda, the United States and Canada), the richest one that lies south of the Mexico - US border, as well as the richest one in the world whose population is predominantly of African origin.[citation needed]
[edit] Ethnic Groups
Main article: Demographics of the Bahamas
[edit] Afro-Bahamians
Afro-Bahamians or Bahamians of African descent are Bahamians whose ancestry lies within the continent of Africa, most notably West Africa. The first Africans to arrive to The Bahamas came from Bermuda with the Eleutheran Adventurers as freed slaves looking for a new life. Currently, Afro-Bahamians are the largest ethnic group in the Bahamas, as they account for 85% of the country's population.[1] They have now been able to achieve a much higher standard of living than previous generations.[edit] Europeans
European Bahamians, or Bahamians of European descent, are mainly the descendants of the British Puritans and American Loyalists who arrived in 1649 and 1783 respectively. They form the largest minority group in the Bahamas at 12% of the population.A small portion of the European Bahamian population are the descendants of Greek labourers who came to help develop the sponging industry in the 1900s (but they contribute less than 1% to the population). Due to their very distinct differences with the majority of the Bahamian population they have been able to preserve their Greek culture.
Also included are white Cubans, Dominicans (from the Dominican Republic), and Puerto Ricans as well.
Population: 309,156 (July 2009 est.)
Age structure: 0–14 years: 25.9% (male 40,085; female 38,959) 15–64 years: 67.2% (male 102,154; female 105,482) 65 years and over: 6.9% (male 8,772; female 12,704) (2009 est.)
Population growth rate: 0.925% (2010 est.)[28]
Birth rate: 17.81 births/1,000 population (2010 est.)
Death rate: 9.35 deaths/1,000 population (July 2010 est.)
Net migration rate: -2.13 migrant(s)/1,000 population (2010 est.)
Infant mortality rate: 23.21 deaths/1,000 live births (2010 est.)
Life expectancy at birth: total population: 69.87 years. Female: 73.49 years (2002 est.) Male: 66.32 years
Total fertility rate: 2.0 children born/woman (2010 est.)[29]
Nationality: noun: Bahamian(s)
Adjective: Bahamian (pronounced /bəˈheɪmi.ən/)
Ethnic groups: Afro-Bahamians 85%, European Bahamian 12%, Hispanic 3%, Asian/Indo-Caribbean 3%[30]
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%,[30] other Protestant 12%, none or unknown 3%, other 2%[31] The 'other' category includes Jews, Muslims, Baha'is, Hindus, Rastafarians, and practitioners of Obeah.[32]
Languages: English (official), Bahamian dialect [33]
Literacy (age 15+): total population: 98.2% male: 98.5% female: 98% (1995 est.)[34]
[edit] Culture
Main articles: Culture of the Bahamas and Music of the Bahamas
In the less developed outer islands, handicrafts include basketry made from palm fronds. This material, commonly called "straw", is plaited into hats and bags that are popular tourist items. Another use is for so-called "Voodoo dolls," even though such dolls are the result of the American imagination and not based on historic fact.[35]
Although not practised by native Bahamians, a form of folk magic obeah derived from West African origins, is practiced in some Family Islands (out-islands) of the Bahamas due to Haitian migration. The practice of obeah is however illegal in the Bahamas and punishable by law.[36] Junkanoo is a traditional African street parade of music, dance, and art held in Nassau (and a few other settlements) every Boxing Day, New Year's Day. Junkanoo is also used to celebrate other holidays and events such as Emancipation Day.
Regattas are important social events in many family island settlements. They usually feature one or more days of sailing by old-fashioned work boats, as well as an onshore festival.
Some settlements have festivals associated with the traditional crop or food of that area, such as the "Pineapple Fest" in Gregory Town, Eleuthera or the "Crab Fest" on Andros. Other significant traditions include story telling.
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