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Bahamas, GDP per capita, a rough equivalent of average annual income per
citizen, is estimated at $32,000 in 2014. Worldwide, this falls within the high-
income range.
Tourism and Services
The lifeblood of the Bahamian economy is tourism, which along with
tourism-driven construction and manufacturing accounts for approximately
60 percent of the country’s gross domestic product. Tourism and related
activities employ roughly 50 percent of the archipelago’s labor force.
In 2014, an estimated 5.7 million tourists visited the islands. Cruise ship
companies consistently list the Bahamas as the number-one tourist destina-
tion for the Caribbean.
The Bahamas is also an important center for international finance and
insurance activity. More than 400 banks from over 35 nations do business
within the Bahamas. The islands are known as an international
tax haven
,
because the tax rate is very low. Because the Bahamas will not allow financial
Bahamas
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gross domestic product (GDP)—
the total value of goods and services produced in a
country annually.
subpoena—
to serve or summon with a writ to appear in court.
tax haven—
a place that provides opportunities for individuals or businesses to shelter
their money from taxation.
Words to Understand in this Chapter