Bahamas' GDP grows 27.6% to $10.7bn

Friday, September 29, 2017

By KHRISNA RUSSELL

Deputy Chief Reporter

krussell@tribunemedia.net

THE level of Gross Domestic Product in the Bahamas increased by 27.6 per cent from 2012 to now, the National Accounts Section of the Department of Statistics announced Friday.

The GDP level in 2012 was $8.4bn and now stands at $10.7bn, officials said.

Clarice Turnquest Assistant Director with responsibility for the Establishment Section and National Council in the Department of Statistics said a number of sectors contributed to this growth.

She said: “The level in 2012 was $8.4bn and is now &10.7bn, a 27.6 per cent increase. This higher level will affect a wide range of indicators where it is used as a reference point. For example, trends in public expenditure, revenue and public debt are typically analysed in terms of their ratios to nominal GDP.

“The preliminary results reveal that the Gross Domestic Product in constant prices for 2016 had a growth, in real terms of 0.2 per cent. The industry growth at constant prices was due mainly to increases in the industries of construction, 24 per cent, wholesale/retail trade – seven per cent and business services of professional and technical nature six per cent.”

She said the sectors that contributed mostly at constant prices were consumption by households and government consumption. These grew by 1.9 per cent and 5.2 per cent respectively.

Gross Fixed Capital Formation also grew by 3.4 per cent, due to mainly ongoing capital works, as well as major repairs from Hurricane Matthew, Ms Turnquest said.

“The import of goods and services sector, which normally has a dampening affect on GDP growth, increased by 3.4 per cent led by growth in imported services of 21 per cent.

“Consistent with the department’s revision calendar of GDP series GDP for 2012 to 2016 will be subject to further review and any revisions will be included in the 2017 National Accounts Report in April of next year.”

The changes in GDP incorporate the introduction and revision of major data sources; implementation of the revised United Nations System of National Accounts-SNA 2008, which is a shift to using the double deflation method in the constant price series and the use of a new benchmark 2012 Supply and Use table (SUT).

This SUT is the third compiled by the department, with previous released in 2002 and 2007.

It is a comprehensive matrix, which tracks the supply of goods and services available in the Bahamian economy and corresponds with consumption and production by business, households and government.

Inputs for the SUT used by officials were the 2012 Household Expenditure Survey (HES), aggregated data from Value Added Tax, results from the expended Business Establishment Surveys and other data from the Central Bank of the Bahamas and tourist expenditure measures.

Comments

Well_mudda_take_sic says...

This comment was removed by the site staff for violation of the usage agreement.

Posted 29 September 2017, 9:57 p.m.

sheeprunner12 says...

Agreed ............. This is classic Perrynomics ............. The average cumulative increase in household income of 90% of Bahamian families will say otherwise.
Are Bahamian families generating more income today compared to 2012???????

THAT IS THE TEN BILLION DOLLAR QUESTION

Posted 30 September 2017, 6:57 a.m. Suggest removal

killemwitdakno says...

How does this translate to per capita and the percalita in reality?

Posted 29 September 2017, 11:34 p.m. Suggest removal

Reality_Check says...

Small wonder the statistics driven information produced by our Central Bank cannot be relied upon. If there is one place Bahamians who have received a D- education do **not** belong, it is the Department of Statistics!

Posted 30 September 2017, 11:04 a.m. Suggest removal

Maynergy says...

Author P. Carl Gibson’s New Book “Behind Grey Curtains” is a colorful and Insightful look at the history of the Bahamas through the eyes of a son in the diaspora of the Bahamas.
Recent release “Behind Grey Curtains” from Page Publishing author P. Carl Gibson is a unique mix of the author’s personal experience and perspective on The Bahamas’ history, emphasizing the notable advocates who spoke out for freedom and the creation of a native government.
P. Carl Gibson, a son in the diaspora of The Bahamas, has completed his new book “Behind Grey Curtains”: a conversational and enlightening commentary on the islands of The Bahamas’ struggle and rise from colonial rule to self-government.
Author Gibson writes, “Even though my views were always progressive and liberally inclusive I frequently wrote letters to the Editors of local newspapers and decried the pace of economic dislocation of people from the islands of Mayaguana, Inagua, Acklins and Crooked islands from 1969 – 1974. . . I retain the belief in the innate premise of human equality, civil rights and fair play under the rule of law may be acknowledged. The silence of injustice cries out from the hill top seeking justice as I stood behind the grey curtains I said a prayer. We shall overcome. . .”
Available at: Amazon.com TODAY

Le nouveau livre du P. Carl Gibson, intitulé «Behind Grey Curtains», est un regard coloré et perspicace sur l'histoire des Bahamas à travers les yeux d'un fils dans la diaspora des Bahamas.
La publication récente "Behind Grey Curtains" de l'auteur de la publication de pages, P. Carl Gibson, est un mélange unique de l'expérience et de l'expérience personnelle de l'auteur sur l'histoire des Bahamas, mettant l'accent sur les défenseurs notables qui ont exprimé la liberté et la création d'un gouvernement indigène.
P. Carl Gibson, un fils de la diaspora des Bahamas, a complété son nouveau livre "Behind Grey Curtains": un commentaire conversationnel et instructif sur les îles de la lutte des Bahamas et le passage de la domination coloniale à l'autonomie gouvernementale.
L'auteur Gibson écrit: «Même si mes opinions étaient toujours progressives et ouvertement inclusives, j'ai souvent écrit des lettres aux rédacteurs des journaux locaux et décrié le rythme de la dislocation économique des personnes des îles Mayaguana, Inagua, Acklins et Crooked depuis 1969 - 1974 . . Je présume la croyance en la prémisse innée de l'égalité des êtres humains, les droits civils et le jeu équitable en vertu de la loi peuvent être reconnus. Le silence de l'injustice crie de la colline cherchant la justice alors que je me tenais derrière les rideaux gris. J'ai dit une prière. Nous devons vaincre. . . "
Disponible à: Amazon.com AUJOURD'HUI

http://tribune242.com/users/photos/2017…

Posted 30 September 2017, 1:26 p.m. Suggest removal

DDK says...

How nice, and nice of you to show off your French skills, but please be reminded that the language of The Bahamas is English.

Posted 30 September 2017, 1:43 p.m. Suggest removal

OldFort2012 says...

You sure? All you have to do is look at Tal's post below and then tell me if you are right.

Posted 2 October 2017, 5:01 a.m. Suggest removal

screwedbahamian says...

There is a new government in Town. You are now authorized to report the correct statistics and stop padding the figures. THIS THE PEOPLE TIME!!!.

Posted 30 September 2017, 2:01 p.m. Suggest removal

NewJersey says...

"There are Lies, there are DAMNED LIES, and there are Statistics"- Benjamin Disraeil..Ex British Prime Minister...

Posted 30 September 2017, 11:43 p.m. Suggest removal

Good one! There are few things worse for a country with a struggling economy, challenging financial requirements, and a myriad of social problems, than statistics prepared by incompetent or politically motivated statisticians who have their own agenda. Statistics are used by both the public and private sectors to make important decisions; accordingly, incomplete and/or inaccurate statistics frequently result in poor decision making that affects the development needs of our country and the quality of life for most Bahamians.

Posted 1 October 2017, 9:49 a.m. Suggest removal

TalRussell says...

Comrades Economist and Banker, as the two someone's who knows how the money business mostly catering to the poor and near poor customers is suppose to works, what is your familiarity with how Pawns Shops does be licensed and operated, and are they required be Bahamalander owned - are they record keeping's required be policeman's monitored?
What are the limitations of they business services they can offer to the public? Who in government is responsible for establishing the interest rates (and fees) the Pawn Shops can charge on loans and is it monitored?

Posted 1 October 2017, 1:03 p.m. Suggest removal

For those of you interested in Bahamas economic and statistical info see:

https://tradingeconomics.com/bahamas/in…

https://tradingeconomics.com/bahamas/ne…

Also, in case you missed it, the borrowing continues:

>Ministry of Finance

>Public Notice

>Deustche Bank US$250M Loan
>Published Date : September 15, 2017

>The Commonwealth of The Bahamas, acting through the Ministry of Finance, as the Borrower, the lenders defined therein and Deutsche Bank Trust Company Americas, as Administrative Agent, entered into a Credit Agreement dated as of the 14th day of September, 2017, to facilitate a loan in the amount of Two Hundred and Fifty Million Dollars in the currency of the United States (US$250,000,000) for the Authorized Uses as defined in the Credit Agreement.

>Borrowings under the Credit Agreement bear interest at the sum of the London Interbank Offered Rate (LIBOR) with a 6 month interest period rate plus a margin of three hundred (300) basis points or 3.00%. Interest payments under the Credit Agreement will be made in semi-annual installments, with principal paid 365 days after the disbursement date.

>Proceeds under the Credit Agreement will be used by the Borrower to meet capital and other budgetary requirements for Fiscal Year 2017/18.

Posted 1 October 2017, 4:54 p.m. Suggest removal

bahapride says...

This country is at least 10 years behind and with a GDP of this magnitude, one might ask the
question where did the previous governments spend the money. If we keep this up The Bahamas will b bankrupt soon. Our dollar is about to drop and there goes our country. This reckless spending has to stop otherwise we will have a serious situation on our hands.

Posted 2 October 2017, 11:15 a.m. Suggest removal

TheMadHatter says...

Funny to include Government spending - which is done with borrowed IDB money as a part of your income/product. LOL. If any of these clowns ever went into business they would be bankrupt before the neon light in the OPEN sign warmed up.

Posted 2 October 2017, 5:06 p.m. Suggest removal

Yep ........ how can you borrow money and call it "income"???? ...... But maybe the Government balance sheet has a different definition for this misleading use of the word

Posted 2 October 2017, 5:45 p.m. Suggest removal

Their reasoning is that money "moving in the economy" helps everyone....like the old phrase "A rising tide lifts all boats." But the problem is here that the cost of the water to rise the tide is way too expensive. It would be much cheaper to nail some 2x4 together and make a wooden ladder to climb up out ya boat up on to the dock.

The price is too high for us, our children, and grandchildren.

The IDB & IMF know that. They love creating economic slaves and apparently Bahamians love being them.

Posted 2 October 2017, 7:29 p.m. Suggest removal