The National Accounts Section of the Department of Statistics is pleased to release the Annual Gross Domestic Product (GDP) for 2018, compiled by the Production and Expenditure Approaches.
The preliminary results for 2018 reveal GDP of $12.424 billion in nominal dollars and $10.763 billion in real dollars (Graph 1). When compared to the same period of 2017, this represents an increase of 2.3% in nominal growth and real growth of 1.6%.
Graph 1: Real vs Nominal GDP 2012 -2018
Growth in Real Value Added
In 2018, nine of the seventeen 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 and insurance services were the leading contributors.
• For the Real Estate industry group, real value added increased by $16 million (0.9%). • Wholesale and Retail Trade grew by $43 million (3.0%) when compared to 2017. • The Accommodation and Food Services industry showed a combined increase of $253 million— which is influenced by the 7.9% rebound posted for tourist arrivals in 2018.
• The Financial and Insurance Sector grew by $42 million (4.2%) when compared to 2017. This is supported by more favorable developments in domestic credit extended by the Financial Institutions compared to the previous year.
Graph 2: Gross Domestic Product (Real) by Industrial Classification (Rev. 4)
Other Highlights
Sectors contributing to growth in Real GDP calculated using the Expenditure Approach include:
• Household Expenditure which increased by $140 million (1.9%).
• Non-Profit Institutions Serving households grew by $7 million (2.2%).
• Exports of Goods and Services increased by $244 million (6.3%).
• Imports of Goods and Services decreased by $23 million (0.4%).
Revisions to 2013-2017 Estimates: In keeping with International best practices, revisions to published data are inevitable as additional and more accurate information becomes available. Therefore, the National Accounts Section has revised the 2013 to 2017 estimates to incorporate new data sources and recommended methodological changes. Revisions to the data sources include:
• Balance of Payments provided by The Central Bank of The Bahamas,
• Tourism Visitor Arrivals data, • External Trade Statistics,
• Consumer Price Indices,
• Aggregated Value Added Tax data • The Business Establishment Survey 2017.
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The National Accounts Section of the Department of Statistics held a press conference to release the Annual Gross Domestic Product for 2018 as compiled by the Production and Expenditure Approaches at the Department, Monday, May 13, 2019. Seated from left: Clarice Turnquest, Assistant Director; Leona Wilson, Acting Director, Department of Statistics and Terah Newbold, National Accounts Supervisor. (BIS Photo/Llonella Gilbert)
