Bahamas GDP up 2.74% (current prices) in 2015
The gross domestic product (GDP) of The Bahamas grew by 2.74 percent using current prices, according to preliminary figures released yesterday by the National Accounts Section of the Department of Statistics. The GDP is the monetary value of all the finished goods and services produced within The Bahamas over the last calendar year.
The figures were released during a press conference at the department’s headquarters.
National Accounts Section Supervisor Clarice Turnquest said, “According to the preliminary results, the GDP in current prices for 2015 had a positive growth of 2.74 percent, however, GDP in constant prices decreased by 1.66 percent.”
Turnquest said the 2015 GDP figures are preliminary and will be revised as more data becomes available.
She added that the 2015 results are based on early estimates from sources that included The Central Bank of The Bahamas, Ministry of Tourism and the Foreign Trade Section of the Department of Statistics.
“They are also based on indicators such as hotel room rates, megawatt sales, building permits, chargeable telephone minutes, consumer price index, etc. which normally mimic movements of particular industries,” she explained.
According to the department, GDP is measured in both “current market prices” and “constant 2006 prices”.
“The current measure utilizes current price levels and currency values, factoring in inflation, and determines the total value of the products and services produced in a particular year,” Turnquest said.
“The constant prices takes into account the impact of inflation and is more useful for studying trends in economic growth.”
The preliminary figures, which covered the period 2011 through 2015, were released ahead of the publication of the National Accounts 2015 report.
The increase in GDP is a part of an upward trend.
The department reported that in 2014 GDP grew by 1.12 percent and in 2013 it grew by 1.46 percent. The biggest jump in the past four years was recorded in 2012, when GDP jumped by 6.46 percent, according to the department’s figures.
The full 2015 report will be posted on the department’s website at the end of May.
The release of the department’s statistics come just over a week after the International Monetary Fund published its 2016 World Economic Outlook report. That report indicated The Bahamas’ economy will maintain a slow growth rate over the next two years.