NASSAU, BAHAMAS — The financial services sector’s contribution to government revenue increased by 7.2 percent in 2023, amounting to $177.6 million collected from taxes and fees, according to the Central Bank.

The financial services sector in The Bahamas plays a crucial role in the economy, contributing approximately 10 to 15 percent of the country’s Gross Domestic Product (GDP), making it the second-largest contributor to the economy.

In its report on the gross economic contribution of the financial sector in 2023, the regulator noted that data from The Bahamas’ financial services sector survey suggests an incremental gain in expenditure and employment contribution within the Bahamian economy, concentrated in domestic intermediation activities.

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