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The national bank is the Central Bank of The Bahamas, established in 1974.
The first female member of parliament was elected in 1982.
The 350 room expansion of the Coral Towers (Britannia Beach) was completed on Paradise Island by 1982 as was the 360 room Grand Hotel.
In Eleuthera the 130 room Cape Eleuthera Hotel opened in 1983 as did the 100 room Treasure Cay Hotel in Abaco.
On Cable Beach the Government embarked upon the construction of the 690 room Cable Beach Hotel which opened in 1984.
Aruba virtually invented a tourism industry out of nothing as a result of the closure of its oil refineries in 1984.
By 1986 The Bahamas received three million visitors a year.
In 1990 the average room rate for large hotels in Nassau was $99.00.
By 1992 the hotel industry was in a state of shock with low occupancies and low average room rates.
1992 saw rates fall a further $5.00 to $82.00 and the following year fell a further $2.00 to $80.00.
In 1992 the Ministry of Tourism was revamped with a new Minister, Brent Symonette, who came from the private sector, and a new Director-General, Vincent Vanderpool-Wallace, who also came from the private sector, in fact from Resorts International’s hotel on Paradise Island.
Cruise traffic by comparison had almost doubled during that seven-year period, from 1.1 million in 1985 to its peak of 2.1 million in 1992. Thus by 1992 The Bahamas found itself with an aging hotel plant, virtually no new investment, and very poor return on operations and on capital invested.
In May 1994 the renaissance of The Bahamian tourism industry began with the sale of Resorts International’s Paradise Island hotel to Sun International.
Also in 1994 the Government was able to sell the 390 room Ambassador Beach Hotel to John Issa’s Superclubs hotel chain which closed the hotel in September 1994 and reopened it one year later as Breezes.
In the space of eight months the property was transformed and after a $250 million makeover reopened in January 1995 to extensive accolades.
Hutchison also purchased the 170 room Atlantik Beach hotel (located between the Holiday Inn and the Lucayan Beach Hotel) which it demolished in July 1998.
In September 1999 Eleuthera and Abaco were particularly badly hit by Hurricane Floyd which caused a great deal of devastation to beachfront properties.
By the end of 2000 Sun had invested close to $1 billion in Paradise Island.
By 2000 Nassau’s renaissance was almost complete.
Hubert Ingraham became prime minister in May 2007 after his Free National Movement, an opposition party, won parliamentary elections.
Capital and largest city (2011 est.): Nassau, 254,000
Labor force: 196,900 (2011); agriculture 3%, industry 11%, tourism 49%, other services 37% (2011 est.). Industries: tourism, banking, cement, oil transshipment, salt, rum, aragonite, pharmaceuticals, spiral-welded steel pipe.
Real growth rate: 1.9%. Inflation: 1% (2011 est.). Unemployment: 16.2%. Arable land: 0.65%. Agriculture: citrus, vegetables; poultry.
Major trading partners: United States, South Korea, Dominican Republic, India, Singapore, Ecuador, Colombia, China, Canada, Switzerland (2012).
As of 2012, the Bahamas remains one of the wealthiest countries (GDP per capita) in the Americas, after Bermuda, the United States, the Cayman Islands, Canada, and the Virgin Islands.
Exports: $960 million (2013 est.): mineral products and salt, animal products, rum, chemicals, fruit and vegetables.
Economic summary: GDP/PPP (2013 est.): $8.373 billion; per capita $32,000.
Governor-General: Dame Marguerite Pindling (2014)
© 2022 Bahamas Ministry of Tourism All Rights Reserved.
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| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Visit Pittsburgh | 1935 | $50.0M | 50 | 1 |
| BostonUSA | 1974 | $13.4M | 50 | 2 |
| Greater Miami and Miami Beach | 1983 | $50.0M | 68 | - |
| Michigan International Speedway | 1967 | $13.0M | 175 | 1 |
| Tourism Holdings Limited | 1984 | - | 500 | - |
| Sports Management Worldwide | 2003 | $18.0M | 533 | - |
| San Francisco Travel | 1909 | $50.0M | 93 | 2 |
| Impact Sports | 2005 | $1.1M | 13 | - |
| NCGA | 1901 | $2.3M | 20 | 1 |
| Academic Travel Abroad | 1950 | $37.5M | 50 | - |
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