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Bahamas

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 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