The Mineral Industry Of The Islands Of The Caribbean - Bahamas

In the past, mining has represented between 11% and 12% of the gross domestic product (GDP). In 1982, mining contributed over $150 million to the estimated $1.4 billion GDP.2 Overall economic growth for 1983 was projected at about 2%, primarily as a result of increased tourism. The inflation rate remained at or fell below the 1982 level of almost 4%. The Government continued its efforts to strengthen the industrial base by improving infrastructural systems and the establishment of a free trade zone. Laws against property ownership by foreigners or foreign-owned companies were strengthened, but the prohibition was softened to allow for close family inheritance. Otherwise, Government approval must be obtained to retain property acquired through inheritance, court order, mortgage, or other means. Special consideration was granted to foreign investors seeking to promote industries beneficial to the economy.