The Bahamas is an island country in the Atlantic Ocean with a total area of 5,358 square miles. According to data from the World Bank, the nominal gross domestic product of the Bahamas was estimated to be $12.16 billion in 2017, ranking it as the 128th highest in the world at the time.
The natural resources in Bahamas contributed to the 42nd-highest per capita gross domestic output in the country in 2017, at about $30,762.
The Bahamas is regarded as one of the richest countries in the Caribbean due to the size of its economy. The World Bank and the International Monetary Fund are two financial institutions that classify the Bahamas as a developing country.
The effective use of the nation’s natural resources and the economic policies put in place by the government are just two examples of the causes of the Bahamas’ economic prosperity.
Beautiful beauty and arable land are two of the Bahamas’ most important natural resources.
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Top 5 Natural Resources in Bahamas
Below are the top six natural resources in the Bahamas
1. Arable Land
According to data released by the World Bank, 0.8% of the nation’s total land area was classified as arable in 2014.
The policies adopted by one of the Bahamas’ primary trading partners, the United States, as well as other considerations, such as the low quantity of land in the country devoted to agriculture (US).
Early in the 20th century, the US government enacted protectionist trade regulations that increased the cost for Bahamas farmers to export their goods to the US.
Two products that were significantly impacted by the regulations were citrus fruits and tomatoes. Okra, tomatoes, and oranges are currently some of the most significant crops farmed in the Bahamas.
The Abaco Islands are one of the key regions in the Bahamas where agriculture is done. The Bahamas’ government has taken steps to boost the nation’s agricultural output, including designating 703 square miles of land for this purpose.
Additionally, the Bahamian government urged citizens to learn more about agriculture by enrolling them in courses linked to it. The government of the Bahamas is also enticing foreign investors to fund projects in the nation’s agricultural industry.
One of the most significant natural resources in the Bahamas is the fruit that is farmed there. The Bahamas’ environment is favorable for a wide range of fruits, including avocados and oranges.
The Abaco Islands, which are located at the northernmost point of the Bahamas, are known for their extensive fruit production. According to statistics, one of the top exports from the Abaco Islands is fruit.
The Bahamas has a large diversity of fish because of its location in the Atlantic Ocean. In the Bahamas, fishing is done for a variety of reasons, including as a source of food for some families, for business, or simply for fun.
Fish is a widely consumed food in the Bahamas because of the country’s poor agricultural resources. In this nation, the Family Islands are where the majority of subsistence fishing is done. In the Bahamas, recreational fishing is a critically important economic activity.
Since a variety of fish, including sailfish, marlin, and tuna, call the Bahamas’ territorial waters home, it is a favorite destination for sports fishermen. Andros Island and Long Island are a couple of the islands that are well-liked by anglers who fish for fun.
According to estimates, millions of fish are captured annually in the waters around the Bahamas, making commercial fishing another crucial aspect of the country’s economy.
Since some fish species need deep waters for migration, commercial fishing in the Bahamas is thought to be profitable for some reasons. Only Bahamians could use the nation’s fish resources for commercial purposes after the Bahamas’ government passed legislation to that effect.
As of 2015, the World Bank’s data indicates that 51.5% of the Bahamas’ total land area was covered by forests. To manage the nation’s forest resources, the Bahamian government created the Forestry Unit in 2010.
Dry woods make up the majority of the nation’s forests, which are mostly found on the northern border of the country. The haulback tree, the autograph tree, and the West Indian mahogany are the three most prevalent types of trees in the Bahamas.
Since the 18th century, people have been taking advantage of the Bahamas’ forests. Bahamian hardwoods were cut down for export at this time, significantly reducing the country’s forest cover.
The government revoked all of the permits for forest exploitation in the 1970s, and the emphasis changed away from extensive forest exploitation.
The Bahamian government collaborated with the Inter-American Development Bank to establish a new initiative for forest management as part of the focus change.
5. Beautiful Scenery
The Bahamas are blessed with many stunning locations that draw a lot of tourists to the country. The Bahamas’ most important economic sector is tourism, which accounts for about 60% of the nation’s GDP.
According to estimates from the Bahamas Department of Labor, the tourist industry employs close to 50% of the country’s active labor force. The Grand Bahama Islands, the Bimini Islands, and Andros Islands are among the state’s most stunning locations.
List of all the Natural Resources in Bahamas
Here is the list of all the natural resources in the Bahamas
- Arabia Land
- Coral Reefs
- Beautiful Scenery
The Bahamas’ economy has some issues, with the overreliance on tourism being the biggest one. Uneven development led to widespread migration from one region to another, which posed another obstacle to the Bahamian economy. The amount of labor was reduced as a result of the mass migration in several places, including the Family Islands.
There has been optimism since the early 2000s as regards the exploration and drilling of oil in the Bahamas region. Though oil was found, it was not up to commercial quantity. The license of the company that made the discovery has since expired and the region has not attracted other companies to look for oil.
FAQs – Top 5 Natural Resources in Bahamas
What natural resource attracts tourists to the Bahamas?
The Bahamas may not have a lot of coal, gas, or oil, but natural resources are a vital part of the country’s economy. These islands rank among the world’s top tourist destinations thanks to their reefs, pristine waters, and powdery beaches.
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A passion-driven environmentalist by heart. Lead content writer at EnvironmentGo.
I strive to educate the public about the environment and its problems.
It has always been about nature, we ought to protect not destroy.