Although the country's small industrial base is currently limited in size and range of activities, it has plenty of scope to expand and assume a greater role in the economy. The industrial sector's contribution to the Bahamian economy is dwarfed by that of tourism and the financial services industry, which are estimated to represent around 60% and 20% of GDP, respectively. According to the Bahamas…
The Bahamas' transport sector is to get a significant boost over the next couple of years, with both the government and the private sector investing heavily to improve existing infrastructure and build new facilities to upgrade the country's already established road, air and maritime network. Being an island nation, the Bahamas has had to develop an extensive network of domestic maritime and air…
The closely linked construction and real estate sectors are, along with tourism and the financial services sector, the main pillars of the Bahamas' economy. Recent estimates put the construction sector's contribution to the economy at around 10% of Gross Domestic Product (GDP), though this may shrink as new tourism developments are put on hold following the impact of the global economic slowdown.…
Prime Minister Hubert Ingraham's government has promised to ramp up spending to help keep the economy moving following a recent decision by international ratings agency Standard & Poor's (S&P) to downgrade its outlook for the Bahamas. On November 24, S&P released its latest assessment, warning that rapidly slowing economic growth and concerns about bleaker tourism, investment and consumer…
Dubai's retail sector is pushing forward with the launch of several large new shopping centres, though there are concerns that the ongoing global economic crisis, combined with fears of an oversupply of outlets, could see retailers come under pressure as they compete for trade in a tightening market. The spotlight was on the emirate's retail industry again in early November with the gala opening…
The Bahamas government is looking at a mix of caution and capital expenditure to mitigate the effects of the global financial crisis on the island nation's economy, though some opposition and business leaders have called for more extensive relief to assist the private sector and the disadvantaged in the community. Prime Minister Hubert Ingraham addressed the nation on November 10, outlining his government's…
Both the private sector and the state are preparing for the challenge of falling visitor numbers, as tourism in the Bahamas copes with the impact of the global economic downturn. Tourism is one of the engines of the Bahamas' economy, with more than 50% of the country's workforce employed either directly or indirectly in the sector, and the industry accounting for around 60% of Gross Domestic Product…
The Bahamas’ tourism industry is showing signs of recovery from last year’s downturn, with arrivals numbers up in many of its islands. However, the massive oil spill in the Gulf of Mexico and Cuba’s possible emergence as a rival for the US market represent significant challenges. Tourism plays a vital role in the Bahamas’ economy, accounting for almost 50% of GDP and directly or indirectly…
