How important is the contribution of the banking sector to the overall Bahamian economy?
The importance of banking and finance to the Bahamian economy far exceeds references to absolute size. Ranking second only to tourism, the sector contributes an estimated 15% of the country’s Gross Domestic Product (GDP). In 2006, banks and trust companies employed 4,662 persons, and spent $445.0 million as compared to $408.3 million in 2005. Over the years, two of the major underlying benefits of having a competitive banking and financial sector have been the steady development of human resource infrastructure in tandem with evolving professional and technical service demands, and the promotion of telecommunication advancements, which have kept the sector apace with the rest of the world. Indicators of the industry’s overall contribution in most recent years include: • Total employment and the average annual salary for domestic companies – 1995: 2,903 and $30,141, 1996: 2,980 and $31,074, 1997: 3,050 and $32,820, 1998: 3,178 and $33,296, 1999: 3,203 and $35,270, 2000: 3,270 and $39,11
