The half-year GDP for 2024, encompassing the first and second quarters, stood at $6.58 billion, according to the Bahamas National Statistical Institute (BNSI) in its recently released quarterly GDP report.
The report highlighted that in the second quarter of 2024, the Bahamian economy achieved a GDP of $3.37 billion, reflecting a 4.8 percent increase over the same period in 2023 and a 5 percent increase compared to the first quarter of 2024. By contrast, the first quarter of 2024 recorded a GDP of $3.2 billion, representing a 1.2 percent decline from the first quarter of 2023 but a 2.8 percent increase over the fourth quarter of 2023.
For the year ending the second quarter of 2024, the economy posted 3 percent nominal growth and 1.8 percent real growth compared to the same period in 2023, translating to an additional $228 million in nominal growth and $115 million in real growth.
The construction industry led the increase in real GDP for the first half of 2024 with a $57 million boost. BCA President Leonard Sands remarked:
“Over and over, the Bahamian economy relies heavily on the contribution of the construction industry, as it significantly contributes to the national GDP. However, it remains alarming to us in the Bahamian Contractors Association that the government is not moving more swiftly to appoint the Construction Contractors Board, despite the necessary amendments to the Act.”
He continued:
“The growth we are seeing represents only 50 percent of the potential out there because developers are still hesitant to engage in contracts in The Bahamas due to the lack of licensed contractors. We’re holding ourselves back. I engage with developers weekly, and while they are willing to pursue projects, they are unwilling to do so in this environment because it’s too risky.”
According to the report, accommodation and food services followed the construction sector with a $43 million increase, while transport and storage contributed $29 million. Arts, other services, household employment, and extraterritorial organizations collectively added $22 million.
Loading ...
