Last fiscal year, the International Monetary Fund projected for the Bahamas a2.25 per cent increase in real GDP growth 2019 compared to its previous projection of 2.5 percent for 2018.
These new figures represent an increase of 2.3 per cent in nominal growth and real growth of 1.6 per cent.
National Accounts Director in the Department of Statistics Terah Newbold says, “In 2018, nine of the 17 industry groups contributed to the overall increase in real GDP. However, increases in real estate, wholesale and retail trade accommodation and food services, and financial services were leading contributors.”
For the Real Estate industry, she said that real value added increased by $16 million or 0.9 per cent.
She added that Wholesale and Retail Trade grew by $43 million or 3 per cent when compared to 2017.
The Accommodation and Food Services Industry was also said to have showed a combined increase of $253 million.
She said that this is influenced by the 7.9 per cent rebound posted for tourist arrivals in 2018.
The Financial and Insurance Sector was said to have grown by $42 million or 4.2 per cent in comparison to 2017’s figures.
This, she indicated, was supported by favorable developments in domestic credit and extended by the Financial Institutions compared to the previous year.
Mrs. Newbold added that household expenditure also went up by $140 million or 1.9 per cent.
Other sectors contributing to this growth include Non Profit Institutions serving households grew by $7m or 2.2 per cent, Exports and Goods and Services by $244 million or 6.3 per cent; while the imports of goods and services dived by $23 million or 0.4 per cent.
Based on the revised figures, real GDP growth was -0.4 percent in 2013, -0.1 percent in 2014, 1 percent in 2015, -1.7 percent in 2016 and 1.4 percent in 2017.
The figures were based on data available up to this past March.
The full report will be made available on the department’s website on or before June 13th.
