Overview

How are we building a Prosperous Bahamas? By Creating Jobs and Investing in our Economy.

However, there is still more work to be done, especially when the unemployment rate is unacceptably high.

A healthy economy is the backbone of a healthy nation. Ensuring that Bahamians have meaningful work, and can participate in a growing economy is one our country’s top priorities.

The Government is focused on promoting Bahamian entrepreneurship and ensuring our citizens have meaningful work that provides a sense of satisfaction and the opportunity for advancement. Many new jobs have been created through public-private partnerships and investments in our youth through programmes like Fresh Start and the Summer Youth Programme that target youth unemployment.

The deficit is being reduced through decreasing Government spending and increasing revenue. Increased Government revenue and a broader tax base ensures all Bahamians can benefit from the results. For example, the Government recently provided property tax relief to help pensioners and lower to middle income home owners.

The Government is promoting domestic investment through public-private partnerships and striving to diversify the economy to provide Bahamians with a more sustainable future.

Funding for the Consumer Protection Agency has also been increased to ensure that Bahamians remain confident when making important purchases.

Here are some key achievements:

  • Since 2012 the fiscal deficit has been reduced by $342 million. It is estimated that there will be a further decline to a level of $100 million, or 1.1 per cent of GDP in 2016/2017.
  • The Government is projecting a $500 million increase in revenue by 2017.
  • The labour force has increased by 5.2% over the last four years. Since November 2015 the labour force has grown by 1.7%. Between May 2015 and May 2016 there was a significant increase of 3.3% in the labour force.
  • In 2013, The Bahamas brought in 1.34 million international visitors and in 2014, the visitors to the Bahamas spent $2.26 million.
  • Total air arrivals expanded by 3.6% last year, on the heels of the 4.9% growth registered in 2014.
  • Since 2012, The Bahamas has succeeded in securing capital commitments of $7.8 billion in foreign direct investment. This will deliver an additional 1,500 hotel rooms and 300 high-end estate homes and villas in resort inventory over the next decade.
  • The national minimum wage was increased by 40% in 2015.
  • The government is transforming the Registrar General’s Department into a One Stop Shop and greatly reduce the turnaround time for incorporation of companies on the issuance of certificates.

By working together as Bahamians, we can build a more prosperous and productive economy so that all Bahamians benefit.

Creating Jobs

Since 2012, The Government has created tens of thousands of jobs through domestic investment and a renewed focus on growing tourism industry.

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Strengthening the Economy

To ensure the ongoing economic success of our country, The Government is committed to implementing measures such as tax reform, fiscal transparency,and a review of public spending to evaluate effective management of our national debt.

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