Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697643694776.pdf (Bahamas)
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 ) S N O I L L I M ( $ B 13,000 12,500 12,000 11,500 11,000 10,500 10,000 9,500 9,000 2012 2013 2014 2015 2016 2017 2018 NOMINAL REAL 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) Top Four by Industrial Classification (Rev.


4) Real GDP - 2017 vs 2018 REAL ESTATE ACTIVITIES 1,748 1,764 WHOLESALE AND RETAIL TRADE, MOTOR VEHICLE REPAIRS 1,406 1,449 FINANCIAL AND INSURANCE ACTIVITIES 996 1,038 ACCOMODATION AND FOOD SERVICES 801 1,054 2017 2018 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.
Gross Domestic Product by Economic Activity ($ Millions) Gross Domestic Product by Economic Activity ($ Millions) CURRENT PRICES Industry Classification (Revision 4) 2012 2013 Agriculture, forestry and fishing Mining and Quarrying Manufacturing 115.0 57.6 97.2 78.0 2014 93.4 2015 2016 2017 2018 Pl 96.5 104.2 95.9 110.7 106.1 100.1 36.4 30.1 76.7 315.8 273.9 296.4 289.4 390.9 406.9 367.1 Electricity and gas, Water supply and Sewerage 228.5 239.1 251.9 304.0 386.2 338.0 341.4 Construction 795.4 772.6 838.6 693.3 786.1 917.8 830.3 Wholesale and Retail Trade, Motor Vehicle repairs 1,342.9 1,298.1 1,463.7 1,386.3 1,513.9 1,292.9 1,345.6 Transport and Storage 471.3 555.0 598.6 612.9 547.7 498.0 474.3 Accomodation and Food Services 936.9 913.7 808.6 1,075.8 958.8 893.2 1,157.0 Information and Communication 342.2 396.1 484.2 478.5 449.6 416.9 429.8 Financial and Insurance activities 1,000.7 887.3 806.5 983.9 939.3 977.4 996.4 Real Estate Activities 1,704.9 1,689.0 1,728.6 1,757.9 1,839.7 1,891.2 1,931.4 Professional, scientific and technical services 318.6 341.3 369.7 405.9 363.0 366.7 350.8 Administrative and support services 210.9 228.0 283.3 293.8 271.0 258.1 262.6 Public administration and defense, Social security 549.5 541.4 594.5 613.9 625.4 685.9 664.4 Education 317.5 322.9 317.7 313.5 324.2 333.4 287.4 Human Health and social work 319.7 299.5 317.1 352.6 378.8 380.7 389.1 Arts, Other Services, Household Employment, Extraterritorial Org.
733.3 768.7 794.7 862.2 902.0 933.2 930.2 Total GDP at Basic Prices 9,760.7 9,701.6 10,153.5 10,620.6 10,817.3 10,716.2 10,945.4 Taxes less subsidies on products 959.9 890.8 940.4 1,297.3 1,282.5 1,303.6 1,349.4 Sub Total 10,720.5 10,592.5 11,093.9 11,917.9 12,099.8 12,019.8 12,294.8 Statistical discrepancy - 29.7 180.6 165.6 161.4 (130.6) (129.7) GDP by economic activity at purchaser current prices 10,720.5 10,562.7 10,913.3 11,752.3 11,938.4 12,150.4 12,424.5 Percentage Nominal Growth Pl: Preliminary -1.5% 3.3% 7.7% 1.6% 1.8% 2.3% Gross Domestic Product by Economic Activity ($ Millions) Gross Domestic Product by Economic Activity ($ Millions) CONSTANT PRICES Industry Classification (Revision 4) Agriculture, forestry and fishing Mining and Quarrying Manufacturing Electricity and gas, Water supply and Sewerage Construction 2012 115.0 57.6 315.8 228.5 795.4 2013 93.6 79.4 278.2 270.4 736.3 2014 88.0 111.3 295.8 282.1 753.3 2015 88.6 71.2 259.7 258.1 529.8 2016 2017 2018 Pl 93.2 30.1 361.0 352.9 557.8 88.3 21.8 98.1 59.7 355.4 299.8 353.8 441.1 644.8 579.3 Wholesale and Retail Trade, Motor Vehicle repairs 1,342.9 1,301.7 1,459.6 1,480.6 1,666.4 1,406.1 1,448.6 Transport and Storage Accomodation and Food Services Information and Communication Financial and Insurance activities 471.3 936.9 342.2 1,000.7 543.2 842.1 409.1 875.1 570.2 738.0 497.5 777.5 559.3 969.9 502.5 989.3 534.2 851.3 459.3 956.5 482.3 467.0 801.1 1,053.9 411.4 424.8 996.2 1,038.1 Real Estate Activities 1,704.9 1,701.1 1,751.8 1,751.3 1,762.4
 1,747.9 1,763.6 Professional, scientific and technical services Administrative and support services Public administration and defense, Social security Education Human Health and social work Arts, Other Services, Household Employment, Extraterritorial Org.
Total GDP at Basic Prices 9,760.7 9,562.4 9,861.3 10,086.2 10,261.4 9,982.0 10,271.7 Taxes less subsidies on products 959.9 939.1 869.6 742.7 732.8 681.3 649.6 Sub Total Statistical discrepancy GDP by economic activity at purchaser Constant Prices Percentage Real Growth Pl: Preliminary 10,720.5 10,501.4 10,731.0 10,828.9 10,994.2 10,663.3 10,921.3 - 97.4 250.3 285.6 403.9 65.9 158.0 10,720.52 10,404.04 10,480.67 10,543.30 10,590.35 10,597.41 10,763.34 -3.0% 0.7% 0.6% 0.4% 0.1% 1.6% Gross Domestice Product by Expenditure ($ Millions) Expenditure Component 2012 2013 2014 2015 2016 2017 2018 Pl CURRENT PRICES Final Consumption Expenditure by General Government Non-Profit Institutions Serving Households Households Gross Fixed Capital Formation Buildings and Infrastructure Machinery and Equipment Transport Equipment Databases and Software Changes in Inventories Acquisitions less Disposal of Valuables (1.8) 1,374.9 278.7 7,351.6 2,879.3 1,928.7 770.7 170.8 9.0 113.0 3.3 1,586.6 305.6 7,864.9 3,196.6 2,149.7 830.5 208.0
 8.4 132.2 3.3 1,527.0 319.0 8,248.7 2,966.0 2,041.7 773.5 143.3 7.5 136.4 1.9 Exports of Goods and Services 4,087.4 4,245.7 4,149.1 4,125.1 4,211.2 4,192.1 4,482.8 Imports of Goods and Services (4,944.7) (4,809.0) (5,367.1) (4,454.1) (4,435.0) (5,000.2) (5,127.6) Statistical discrepancy - 29.7 180.6 165.6 161.4 (130.6) (129.7) GDP by expenditure at purchaser prices Percentage Nominal Growth Pl: Preliminary 10,720.5 6.5% 10,562.7 -1.5% 10,913.3 3.3% 11,752.3 7.7% 11,938.4 1.6% 12,150.4 1.8% 12,424.5 2.3%
 Gross Domestice Product by Expenditure ($ Millions) Expenditure Component 2012 2013 2014 2015 2016 2017 2018 Pl CONSTANT PRICES Final Consumption Expenditure by General Government Non-Profit Institutions Serving Households Households Gross Fixed Capital Formation Buildings and Infrastructure Machinery and Equipment Transport Equipment Databases and Software Changes in Inventories 108.20 90.99 124.26 135.00 129.31 148.48 151.68 Acquisitions less Disposal of Valuables 2.51 1.54 1.82 (1.74) 3.27 3.26 1.92 Exports of Goods and Services 4,087.43 4,164.54 3,994.49 3,852.54 3,936.52 3,848.82 4,092.39 Imports of Goods and Services (4,944.67) (4,825.15) (5,400.17) (4,767.92) (4,879.61) (5,388.83) (5,365.60) Statistical discrepancy 97.38 250.30 285.62 403.88 65.90 157.98 GDP by expenditure at purchaser prices Percentage Real Growth Pl: Preliminary 10,720.5 10,404.0 -3.0% 10,480.7 0.7% 10,543.3 0.6% 10,590.3 0.4% 10,597.4 0.1% 10,763.3 1.6% The National Accounts Section of the Department of Statistics is pleased to release the first in an
 experimental series of Quarterly GDP, compiled by the Production Approach.
The Series includes nominal and real Quarterly GDP for the period 1st Quarter 2015 to 4th Quarter 2018.
Graph 1: Nominal vs Real GDP – 1st Quarter 2015 to 4th Quarter 2018 Nominal vs Real 3,400 3,200 3,000 2,800 2,600 2,400 2,200 2,000 QTR 1 QTR 2 QTR 3 QTR 4 QTR 1 QTR 2 QTR 3 QTR 4 QTR 1 QTR 2 QTR 3 QTR 4 QTR 1 QTR 2 QTR 3 QTR 4 2015 2016 NOMINAL 2017 REAL 2018 Quarterly National Accounts: The National Accounts Section received technical assistance from the International Monetary Fund’s Caribbean Regional Technical Assistance Centre (CARTAC) in the development of the quarterly GDP methodology.
A variety of indicators and methodologies have been engaged in an effort to provide the best representative indicators for each Industry.

The present indicators suggest stability and the ability to provide Quarterly GDP with a two quarter lag.

The annual GDP serves as the benchmark for the Quarterly GDP.
Quarterly Data Indicators Primarily Include: Ministry of Tourism visitor arrivals data; Central Bank of The Bahamas’ Bank Profitability Study; Aggregated Value Added Tax, the Government of The Bahamas revenue and expenditure data; External Trade Statistics and the Consumer Price Index.

Quarterly Gross Domestic Product Current vs.
Constant 1st Quarter 2015 - 4th Quarter 2018 Year Quarter NOMINAL % Change for REAL % Change for Reference Quarter NOMINAL Reference Quarter REAL 2015 2016 2017 2018 QTR 1 QTR 2 QTR 3 QTR 4 QTR 1 QTR 2 QTR 3 QTR 4 QTR 1 QTR 2 QTR 3 QTR 4 QTR 1 QTR 2 QTR 3 QTR -0.41% 1.70% 7.01% -0.45% -1.34% 3.63% -0.97% 0.04% 6.65% 0.56% 1.13% 0.79% -0.70% 1.97% 4.13% -2.88% -3.06% 2.28% -1.32% 1.28% 4.28% NOTE: Growth Represents the change when comparing one quarter to the same quarter in the previous year.
Eg: 4th Quarter 2018 compared to 4th Quarter 2017.

The 2018 GDP figures are preliminary and have been produced based on data available up to March 2019.

The full National Accounts Report 2018 will be available on the Department’s website on or before June 13th, 2019.