Bahamas records increase in gross domestic product

Wednesday, May 15, 2019

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NASSAU, Bahamas (CMC) —The National Accounts Section (NAC) of the Department of Statistics says preliminary results for 2018 show The Bahamas had recorded gross domestic product (GDP) of US$12.42 billion in nominal dollars and US$10.763 billion in real dollars.

The National Accounts Section said it had received technical assistance from the International Monetary Fund's Caribbean Regional Technical Assistance Centre (CARTAC) in the development of the quarterly GDP methodology.

It said that the preliminary figures for 2018, when compared to the same period in 2017, “represent an increase of 2.3 per cent in nominal growth and real growth of 1.6 per cent”.

It said the financial and insurance sector grew by US$42 million or 4.2 per cent when compared to 2017.

“This is supported by more favourable developments in domestic credit extended by the financial institutions compared to the previous year,” the NAC said.

It said other sectors contributing to growth in real GDP calculated using the Expenditure Approach include household expenditure, which increased by US$140 million; non-profit institutions serving households growing by seven million dollars; and the export of goods and services increased by US$244 million .

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