The Bahamas economy is heavily dependent on tourism. Tourism is important because it employs 60% of the workforce and represents 70% of the economy. The main attractions of the Bahamas are the white sandy beaches and proximity to the United States. The temperature is warm all year round, making it a popular year-round destination especially for people who don't like snow and cold. Tourism also helps bring new ideas and cultures to the area. Tourism helps in many ways both financially and culturally. The banking sector is also important to the people of the Bahamas. The Bahamas is home to some of the richest people in the world, and businesses abide by their generous tax laws. They have no income, inheritance or profits taxes. The capital Nassau has one of the highest concentrations of foreign banks in the world on its Bay Street, hence the name “Little Switzerland”. Local banks employ more than 25% of the workforce, making it the second largest economic sector. The banking sector provides the islands with much-needed money and jobs. The manufacturing sector is relatively small compared to other sectors, but still important. The manufacturing sector employs only about 10% of the workforce, but is growing slowly. Refining oil from the Gulf of Mexico and mining aragonite (one of two naturally occurring forms of calcium carbonate) are their two largest industries. Pharmaceuticals, plant extracts, and chemicals are also large industries on Freeport Island. Great Iguana Island also has solar evaporative sea salt plants. Rum is also a product of the smaller islands but is not exported to the United States. Manufacturing is a small but important business for islands, especially small ones. Agriculture and trading are the smallest economic activities for the i...... middle of paper...... The Bahamas produces much of the illegal alcohol for the United States, but after Prohibition the population of the Bahamas began to decline. The Bahamas became fully independent on 10 July 1973 after leaving Great Britain. The Bahamas have had many people there and a great history. The Bahamas is a country of gentle geography, rich history, friendly people, dramatic history and a prosperous society. Now you know everything you need to know about the Bahamas to pass a test and score well. Works Cited Barlas, Marshall. World cultures. New York. 2005Bahamas. World Book Encyclopedia edition 1984.“Nassau; a world culture." Bahamas.com December 17, 2013Porter,Darwin. Frommers Portable Bahamas Hudson New Jersey. 2011 “History of the Bahamas”. Infoplease.com December 14, 2013.