The Bahamas’ real gross domestic product grew by 1.6 percent in 2018, according to a report released today by the Department of Statistics.
“The preliminary results for 2018 reveal GDP of $12.424 billion in nominal dollars and $10.763 billion in real dollars,” said Terah Newbold, national accounts supervisor in the Department of Statistics.
“When compared to the same period of 2017, this represents an increase of 2.3 percent in nominal growth and real growth of 1.6 percent.”
Nine of 17 industry groups contributed to the overall increase in the GDP, including real estate, wholesale and retail trade accommodation and food services, and financial and insurance services.
“For the real estate industry group, real value added increased by $16 million (0.9 percent),” Newbold said.
“Wholesale and retail trade grew by $43 million (three percent) when compared to 2017. The accommodation and food services industry showed a combined increase of $253 million, which is influenced by the 7.9 percent rebound posted for tourist arrivals in 2018.
“The financial and insurance sector grew by $42 million when compared to 2017. This is supported by more favorable developments in domestic credit extended by the financial institutions, compared to the previous year.”
The report also revealed growth in several sectors that contribute to real GDP growth.
Household expenditure increased by $140 million, according to the report. Non-profit institutions serving households grew by seven million. Exports of goods and services increased by $244 million, meanwhile imports of goods and services decreased by $23 million.
In 2017, the imports of goods and services sector, which has a dampening effect on GDP growth, increased by 14 percent, which was mainly due to a 17 percent growth in imported goods.
The Minnis administration has pledged to turn the economy around and expand opportunities for Bahamians.
Education: Benedict College, BA in Mass Communications