29 / 64
THE ECONOMY OF THE Bahamas is driven primarily by tourism, but it is
supplemented by banking, agriculture, fishing, and manufacturing. The ille-
gal smuggling of cocaine, from Colombia into the United States via the
Bahamas, also pumps millions of dollars into the Bahamian economy.
The Bahamian economy is small when compared to other countries. In
2014 the country’s
gross domestic product (GDP)
—the total value of goods
and services produced annually in the country—was about $11.4 billion,
which is less than many American states. But Bahamians enjoy a relatively
high standard of living, especially when compared with many of their
Caribbean neighbors. For example, the average working-class Bahamian
earns five times more than a college-educated teacher in Jamaica. In the
A Tourism-Driven Economy
(Opposite) A cruise ship prepares to
enter Nassau harbor. Tourism is a
major part of the Bahamas’ economy,
and employs approximately half of
the country’s workforce. (Right) A fish
market at the docks of Potter’s Cay
near downtown Nassau.
3
29