Bahamian economy sees 8.6 percent real GDP growth during the first half of the year

Bahamian economy sees 8.6 percent real GDP growth during the first half of the year

NASSAU, BAHAMAS — The Bahamian economy saw an 8.6 percent real gross domestic product growth during the first half of 2023 compared to the corresponding period last year, according to recently released data, with real GDP reaching nearly $540 million over the first half of the previous year.

The Bahamas National Statistical Institute, in its advanced estimate for quarterly gross domestic product (GDP), reported a 13.7 percent increase for the first quarter of 2023 and a 3.8 percent increase for the second quarter of 2023, both when compared to the same periods in the previous year. The quarterly GDP trends for 2023 indicate that the Bahamian economy has not only rebounded but has also exceeded pre-pandemic levels.

“The combined gains for the first half of 2023 reveal a growth in the Bahamian economy surpassing that of the same period in 2019. Domestic business activity in each quarter of 2023 reported more than $3 billion, with the first quarter reaching the highest level at $3.44 billion and the second quarter at $3.39 billion,” noted the BNSI.

“The year ending second quarter exhibited an increase of 11.5 percent in nominal growth and 8.6 percent in real growth compared to the same period in 2022. Preliminary estimates indicate an overall nominal growth of $741 million and real growth of $539 million over the previous half-year.”

The majority of industries showed an increase compared to the first half of 2022. The top five industries contributing to the rise in Real GDP are accommodations and food services ($162.1 million), construction ($89.7 million), financial & insurance services ($53.8 million), real estate, owner-occupied & actual rents ($43.2 million), and electricity & water supply & sewerage ($41.4 million).