Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697647173854.pdf (Bahamas)
NATIONAL ACCOUNTS REPORT 2018 DEPARTMENT OF STATISTICS MINISTRY OF FINANCE PREFACE This publication introduces Gross Domestic Product of the Bahamas via the production and the expenditure approaches, in current (nominal) and constant (real) prices.

These series increase the analytical usefulness and statistical reliability of the national accounts.

The information contained in this report is some of the most sensitive leading indicators of economic conditions in The Bahamas.
Users of this information will find it a meaningful addition to the usual body of information for planning and decision-making.

The data has been structured on the basis of the 2008 Revised United Nations System of National Accounts.

Abbreviated definitions of the basic aggregates and an outline of the methodology employed to derive the data are also included.

Persons interested in the details of the sources and methods of the estimates are advised to contact the National Accounts Section.
Leona Wilson Acting Director Department of Statistics May 2019 i THE DEPARTMENT OF STATISTICS IN THE BAHAMAS ADDRESSES: The Department of Statistics Bellagio Plaza, Madeira Street P. O.

Box N-3904 Nassau, Bahamas Telephone: (242) 604-4000 Fax: (242) 604-4090/91 E-mail: Terahnewbold@bahamas.gov.bs The Bahamas Government Office Complex East Mall P. O.
Box F-42561 Freeport, Bahamas Telephone: (242) 352-7196 Fax: (242) 352-6120 E-mail: claralowe@bahamas.gov.bs WEBSITE: Detailed tables and methodology of the National Accounts results can be found on the Department of Statistics website: http://www.bahamas.gov.bs/statistics FEEDBACK: The Department of Statistics welcomes your questions and comments regarding this publication.

ii TABLE OF CONTENTS PAGE Preface….………………………………………………….…..…………..……..……….

i Address.……………………………………………………….…….…..……….……….


ii Acknowledgments …..……………………………..…………….…………….………... vi Concepts and Definitions …….……..…………………....………………..……….vii– viii Sources of Data and Methods of Estimation:.
Gross Value Added by Industrial Origin ………..……….………….……..……...............ix Expenditure on Gross Domestic Product ………………………… …….…….…..……... x Uses of National Accounts Data…………………………………………………..…..…..xi Data Highlights………………………………………………..…………………..xii – xiii LIST OF TABLES AND GRAPHS: Table 1: Gross Domestic Product by Economic Activity at Current (Nominal) Market Prices (B$ Millions) 2012- 2018…………..….....…….….
1 Graph A: Evolution of GDP by major Industries 2012-2018……………………….……………………………..……..2 Table 2: Gross Domestic Product by Economic Activity at Constant (Real) Prices (B$ Millions) 2012- 2018….……………….….……….…..….

3 Graph B: Top Four Industries by Industrial Classification Rev.
4 Real GVA 2017 vs 2018 (b$ Millions)……………….……………………………..……..4 Table 3: Gross Domestic Product by Expenditure at Current (Nominal) Market Prices (B$ Millions) 2012- 2018..……….….....………….. 5 Graph C: Real vs Nominal GDP 2012 - 2018………………………..………………….……………………………..……..6 Table 4: Gross Domestic Product by Expenditure at Constant (Real) Prices (B$ Millions) 2012- 2018 ………………………………..…… 7 iii Graph D: Evolution of Components of GDP by Expenditure Approach……..…………………….……………………………………..8 Table 5: Output by Economic Activity at Current (Nominal) Prices (B$ Millions) 2012- 2018….…………….….……….…..….9 Table 6: Output by Economic Activity at Constant (Real) Prices (B$ Millions) 2012- 2018….………….…….….…..….…..….10 Table 7: Intermediate Consumption by Economic Activity at Current (Nominal) Prices (B$ Millions) 2012- 2018….……………….……….…..….11 Table 8: Intermediate Consumption by Economic Activity at Constant (Nominal) Prices (B$ Millions) 2012- 2018….………………..…….…..….12 Table 9: Compensation of Employees by Economic Activity at Current (Nominal) Prices (B$ Millions) 2012- 2018….……………….……….…..….13 Graph E: Industries as a percentage of the total Compensation of Employees 2017 ………..…..………..….….…………………………14 Table 10: Depreciation by Economic Activity at Current (Nominal) Prices (B$ Millions) 2012- 2018….……………….……….…..….15 Table 11: Depreciation by Economic Activity at Constant (Real) Prices (B$ Millions) 2012- 2018………………….……..…….…..….16 Table 12: External Transactions on the Current Accounts, Summary in Current Market Prices (B$ Millions) 2012- 2018..……..……….………….
17 Table 13: Gross National Product at Current (Nominal) Market Prices (B$ Millions) 2012- 2018……………….………….18 Table 14: Gross & Net National Income, Gross National Disposable Income, Gross Saving and Net Lending/Borrowing at Current (Nominal) Market Prices (B$ Millions) 2012- 2018………………..…………19 Graph F: Real GDP Growth 1998– 2018…………………..……..…..……………….…20 Table 15: Historical Series Production at Current (Nominal) Market Prices (B$ Millions) 1997-2011…………………………...21 Table 16: Historical Series Production at Constant (Real) 2012 Prices (B$ Millions) 1997-2011………………………………..22 iv Table 17: Historical Series Expenditure Gross Domestic Product at Current (Nominal) Market Prices (B$ Millions) 1997-2011………………….…….....23 Table 18: Historical Series Expenditure Gross Domestic Product at Constant (Real) 2012 Prices (B$ Millions) 1997-2011……………….…………..….24 v ACKNOWLEDGEMENTS This report is produced by the staff of the National Accounts Section of the Department of Statistics.
The department wishes to thank the business community, public corporations and governmental agencies for the cooperation received in the provision of the necessary data.
The Department also acknowledges the invaluable contribution of: Mrs. Leona Wilson (Acting Director) Mrs. Clarice Turnquest (Unit Coordinator National Accounts & Business Establishment) Mrs. Terah Newbold (National Accounts Supervisor) National Accounts Staff: Ms. Portia Tulloch (Assistant Supervisor), Mr. Graylyn Frazier, Mr. Hugene Adderley, Ms. Shanya Miller, Ms. Stefanel Taylor, Ms. Georgina Gabriel The Business Establishment Section The Consumer Prices Section The External Trade Section The Labour Force Section The Ministry of Finance The Ministry of Agriculture The Department of Fisheries The Ministry of Tourism The Central Bank of the Bahamas The Insurance Commission vi CONCEPTS & DEFINITIONS1 The System of National Accounts (SNA): SNA 2008 consists of a coherent, consistent integrated set of macroeconomic accounts; balance sheets and tables based on a set of internationally agreed concepts, definitions, classifications and accounting rules.
It provides a comprehensive accounting framework within which economic data can be compiled and presented in a format that is designed for purposes of economic analysis, decision-taking and policy-making.
The Supply and Use Tables (SUT): The central framework of the SNA 2008 contains detailed Supply and Use tables in the form of matrices that record how supplies of different kinds of goods and services originate from domestic industries and imports and how those supplies are allocated between various intermediate or final uses, including exports.
These tables involve the compilation of a set of integrated production and generation of income accounts for industries – that is, groups of establishments as distinct from institutional units – that are able to draw upon detailed data from industrial censuses or surveys.
The Supply and Use tables provide an accounting framework within which the commodity flow method of compiling national accounts – in which the total supplies and uses of individual types of goods and services have to be balanced with each other – can be systematically exploited.

The Supply and Use tables also provide the basic information for the derivation of detailed input-output tables that are extensively used for purposes of economic analysis and projections.
Gross Domestic Product (GDP): This is the sum of the remuneration of all Bahamian factors of production - labor, capital and land - employed in the creation of the unduplicated total output of the Bahamian economy in the Bahamas.

It also includes net indirect taxes i.e.

indirect taxes less subsidies.

When such net indirect taxes are excluded from the total, it is known as GDP at factor cost.
Gross National Product (GNP): either at market prices or factor cost differs from the domestic product by including the income of Bahamian capital earned abroad and excluding the contribution of foreign capital to the Bahamian economy.

These contributions are represented by interest and dividend receipts and payments to and from abroad.
vii 1 System of National Accounts 2008 Gross Value Added (GVA): is defined as output (at producer’s prices) less intermediate consumption (at purchaser’s price) for the industries making up the GDP.

The difference between gross and net value added and gross and net operating surplus is depreciation.

The industrial composition of GDP follows the International Standard Industrial Classification Revision 4 (ISIC Rev.4).
Expenditure on Gross Domestic Product: Also referred to as Gross Domestic Expenditure (GDE) - constitutes all Final Expenditures by Households and Government; Investments; Exports minus Imports.

Final expenditure is defined as expenditure that is not used up in the production process within the year.

The differences between Gross Domestic Expenditure and Gross National Expenditure, is identical to the difference between GDP and GNP.
viii SOURCES AND METHODS A: GROSS VALUE ADDED BY INDUSTRIAL ORIGIN: Production Approach: The economy is divided into industries such as Manufacturing, Electricity, and Construction etc., based on the International Standard Industrial Classification Revision 4.

The measure is Gross Value Added which is calculated as Revenue/Sales minus Cost of Goods Sold and Intermediate Consumption, plus Taxes less Subsidies on Products.
The data is sourced from most industries through surveys conducted by the Department of Statistics’ (DOS) Business Establishment Section.

The largest entities in the various industries are censured, while for the smaller entities a scientifically constructed sample survey is used.

The data derived from questionnaires are items such as gross revenue, wages and salaries, detailed expenses incurred in carrying out the business, depreciation etc.
Information gathered from those industries not surveyed, is normally available either from administrative records or are collected by pertinent government or quasi-government agencies.

These include the Ministry of Agriculture and the Department of Fisheries, which provide agriculture and fisheries data respectively.

The Financial Industry’s data is obtained mainly from the Insurance Commission of The Bahamas and the Central Bank of the Bahamas.
Information for Public Administration, Public Education and Public Health comes from the Ministry of Finance and the Central Bank of the Bahamas.

Historical Series: The Historical Series was derived by using the levels produced by the Supply and Use 2012 and inverting the change of the previously published estimates.

This calculation was done for each industry’s Revenue and Intermediate Consumption.

The Gross Value Added using the previously published growth rates are not additive.
ix B: EXPENDITURE ON GROSS DOMESTIC PRODUCT: Expenditure Approach: This approach divides the economy into the consumption of Government and Households, Investment and Exports of goods & services minus Imports of goods & services.

The resulting figure is the same value of GDP as obtained by the Production Approach.

Government Final Consumption Expenditure is derived from an analysis of current expenditure details from the Ministry of Finance and the Central Bank of The Bahamas.
Private Final Consumption Expenditure of Residents has many elements.

This is derived primarily from the Household Expenditure Survey 2012 results which were used in the calculation of the 2012 SUT.

The Change in Stocks is obtained from records of public corporations and the establishment surveys of retail and wholesale trade.
At present, no complete knowledge of inventory accounting practices exists nor are there any price indices measuring the change in the value of inventories, these estimates must be considered rough approximations to the true change in the value of inventories.

Presently no data exist in areas other than outlined above.

The values of Gross Fixed Capital Formation and Machinery and Transport Equipment are based on the Commodity Flow Approach.
The values of Exports and Imports of Goods and Services are anchored to the Balance of Trade and the Balance of Payment data estimated by the Department of Statistics and the Central Bank of the Bahamas respectively.

The Tourism data is based on the Ministry of Tourism estimates.

Historical Series: The Historical Series was derived using the levels produced by the Supply and Use 2012.

The years 1997 – 2011 were then extrapolated using the previously published growth patterns.
The resulting estimates are not additive.

x USES OF NATIONAL ACCOUNTS2 1.

Monitoring the behavior of the economy by comparing and following the movement of economic flows such as production, household consumption, government consumption, capital formation, exports, imports etc.

2.

Macro-economic analysis using econometric models to investigate the casual, functional relationships between different economic variables.

3.
3.

Economic policy making and decision-taking short term policy can be made based on recent behavior and the current state of the economy and a view or precise forecast about likely future developments.

4.

Harmonization between different statistical systems by promoting consistency in terms of concepts, definitions and classifications.

Revisions of these various systems are conducted in parallel with the SNA.
5. International Comparison which normally compare GDP or GDP per head, ratios of investment, taxes or government expenditure on GDP.

These are used to evaluate the performance of similar economies, eligibility for loans, aid or other funds or conditions on which such loans, aid or funds are made available.

It also determines the size of the contributions which member countries of international organizations make to finance operations of these organizations.

2 System of National Accounts 2008 pg.


4 - 10 xi DATA HIGHLIGHTS 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 2018 GDP figures are preliminary and have been produced based on data available up to March 2019.

The preliminary results for 2018 reveal GDP of $12.424 billion in nominal dollars and $10.763 billion in real dollars (Graph C).
When compared to the same period of 2017, this represents an increase of 2.3% in nominal growth and real growth of 1.6%.

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.
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%).
xii 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. xiii TABLE 1: GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY (B$ MILLIONS) at Current (Nominal) Prices Industry Classification (Revision 4) ISIC Code 2012 2013 R 2014 R 2015 R 2016 R 2017 R 2018 P Agriculture, forestry and fishing Mining and quarrying Manufacturing A B C Electricity and gas, Water supply and sewerage D & E Construction Wholesale and retail trade, Motor Vehicle repairs Transport and Storage Accomodation and Food Services Information and Communication Financial and Insurance activities Real Estate activities Professional, scientific and technical services Administrative and support services Public administration and defense, Social security Education Human health and social work F G H I J K L M N O P Q Arts, Other Services, Household Employment, Extraterritorial Org.
R,S&T Total GDP at Basic Prices Taxes less subsidies on products Sub Total Statistical descrepancy - (29.7) (180.6) (165.6) (161.4) 1,303.6 12,019.8 130.6 1,349.4 12,294.8 129.7 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 Current (Nominal) Growth Rate R: Revised P: Preliminary -1.5% 3.3% 7.7% 1.6% 1.8% 2.3% 1 150 125 100 75 ) ) 0 0 0 0 1 1 = = 2 2 1 1 0 0 2 2 ( ( E E G G N N A A H H C C F F O O X X E E D D N N I I GRAPH A: Gross Value Added Evolution of Major Industries (PRODUCTION) This Graph Represents the Industries' movement from the base year (2012 =100) Manufacturing Wholesale and retail trade, Motor Vehicle repairs Accomodation and Food Services Information and Communication Financial and Insurance activities Real Estate activities Administrative and support services Human health and social work Arts, Other Services, Household Employment, Extraterritorial Org.
2012 2013 R 2014 R 2015 R 2016 R 2017 R 2018 P 2 TABLE 2: GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY (B$ MILLIONS) at Constant (Real) Prices Industry Classification (Revision 4) ISIC Code 2012 2013 R 2014 R 2015 R 2016 R 2017 R 2018 P Agriculture, forestry and fishing Mining and quarrying Manufacturing A B C Electricity and gas, Water supply and sewerage D & E Construction Wholesale and retail trade, Motor Vehicle repairs Transport and Storage Accomodation and Food Services Information and Communication Financial and Insurance activities Real Estate activities Professional, scientific and technical services Administrative and support services Public administration and defense, Social security Education Human health and social work F G H I J K L M N O P Q Arts, Other Services, Household Employment, Extraterritorial Org.
R,S&T Total GDP at Basic Prices Taxes less subsidies on products Sub Total Statistical descrepancy GDP by economic activity at purchaser constant prices Constant (Real) Growth Rate R: Revised P: Preliminary - (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% 3 0.7% 0.6% 0.4% 0.1% 1.6% GRAPH B: Top Four by Industrial Classification (Rev.
4) Real GVA 2017 vs 2018 (B$ Millions) REAL ESTATE ACTIVITIES 1,747.9 1,763.6 WHOLESALE AND RETAIL TRADE, MOTOR VEHICLE REPAIRS 1,406.1 1,448.6 FINANCIAL AND INSURANCE ACTIVITIES 996.2 1,038.1 ACCOMODATION AND FOOD SERVICES 801.1 1,053.9 2017 R 2018 P 4 TABLE 3: GROSS DOMESTIC PRODUCT BY EXPENDITURE (B$ MILLIONS) at Current (Nominal) Prices Expenditure Component 2012 2013 R 2014 R 2015 R 2016 R 2017 R 2018 P 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) 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 Descrepancy - 29.7 180.6 165.6 161.4 (130.6) (129.7) GDP by expenditure at purchaser prices Current (Nominal) Growth Rate R: Revised P: Preliminary 10,720.5 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% 5 Graph C: Real vs Nominal GDP 2012-2018 S S N N O O I I L L L L I I M M $ $ B B 13000 12500 12000 11500 11000 10500 10000 9500 9000 2012 2013 2014 2015 2016 2017 2018 NOMINAL REAL 6 TABLE 4: GROSS DOMESTIC PRODUCT BY EXPENDITURE (B$ MILLIONS) at Constant (Real) Prices Expenditure Component 2012 2013 R 2014 R 2015 R 2016 R 2017 R 2018 P Final Consumption Expenditure by General Government 1,403.09 1,302.59 1,270.54 1,356.37 1,257.79 1,432.48
 1,374.76 Non-Profit Institutions Serving Households 235.44 240.34 251.01 269.53 276.05 298.57 305.20 Households 6,579.18 6,434.55 6,735.69 6,765.74 6,746.91 7,199.33 7,339.33 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 Constant (Real) Growth Rate 10,720.5 0.0% 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% R: Revised P: Preliminary 7 ) ) 0 0 0 0 1 1 = = 2 2 1 1 0 0 2 2 ( ( E E G G N N A A H H C C F F O O X X E E D D N N I I 125 100 75 GRAPH D: EVOLUTION OF COMPONENTS of GDP by Expenditure Approach This Graph Represents the Component's movement from the base year (2012 =100) General Government Households Gross Fixed Capital Formation Exports of Goods and Services Imports of Goods and Services 2012 2013 R 2014 R 2015 R 2016 R 2017 R 2018 P 8 Industry Classification (Revision 4) ISIC Code 2012 2013 R 2014 R 2015 R 2016 R 2017 R 2018 P TABLE 5: OUTPUT BY ECONOMIC ACTIVITY (B$ MILLIONS) at Current (Nominal) Prices Agriculture, forestry and fishing Mining and quarrying Manufacturing A B C Electricity and gas, Water supply and sewerage D & E Construction Wholesale and retail trade, Motor Vehicle repairs Transport and Storage Accomodation and Food Services
 Information and Communication Financial and Insurance activities Real Estate activities 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.
F G H I J K L M N O P Q R,S&T 1,195.8 1,215.5 1,267.9 1,326.3 1,363.3 1,407.9 1,465.7 Total Output at curent (nominal) prices 16,734.9 16,540.2 17,103.2 17,086.2 17,072.8 17,585.1 18,092.5 R: Revised P: Preliminary 9 TABLE 6: OUTPUT BY ECONOMIC ACTIVITY (B$ MILLIONS) at Constant (Real) Prices Industry Classification (Revision 4) ISIC Code 2012 2013 R 2014 R 2015 R 2016 R 2017 R 2018 P Agriculture, forestry and fishing Mining and quarrying Manufacturing A B C Electricity and gas, Water supply and sewerage D & E Construction Wholesale and retail trade, Motor Vehicle repairs Transport and Storage Accomodation and Food Services Information and Communication Financial and Insurance activities Real Estate activities Professional, scientific and technical services Administrative and support services Public administration and defense, Social security Education Human health and social work F G H I J K L M N O P Q Arts, Other Services, Household Employment, Extraterritorial Org.
R,S&T 1,195.8 1,191.9 1,212.1 1,272.7 1,330.8 1,352.8 1,391.9 Total Output at constant (real) prices 16,734.9 16,335.8 16,677.7 16,860.3 16,933.0 17,169.6 17,608.6 R: Revised P: Preliminary 10 TABLE 7: INTERMEDIATE CONSUMPTION BY ECONOMIC ACTIVITY (B$ MILLIONS) at Current (Nominal) Prices Industry Classification (Revision 4) ISIC Code 2012 2013 R 2014 R 2015 R 2016 R 2017 R 2018 P Agriculture, forestry and fishing Mining and quarrying Manufacturing A B C Electricity and gas, Water supply and sewerage D & E Construction Wholesale and retail trade, Motor Vehicle repairs Transport and Storage Accomodation and Food Services Information and Communication Financial and Insurance activities Real Estate activities Professional, scientific and technical services Administrative and support services Public administration and defense, Social security Education Human health and social work F G H I J K L M N O P Q Arts, Other Services, Household Employment, Extraterritorial Org.
R,S&T 462.5 446.8 473.3 464.1 461.2 474.6 535.5 Intermediation constumption at current (nominal) prices 6,974.2 6,838.6 6,949.7 6,465.6 6,255.5 6,868.9 7,147.2 R: Revised P: Preliminary 11 TABLE 8: INTERMEDIATE CONSUMPTION BY ECONOMIC ACTIVITY (B$ MILLIONS) at Constant (Real) Prices Industry Classification (Revision 4) ISIC Code 2012 2013 R 2014 R 2015 R 2016 R 2017 R 2018 P Agriculture, forestry and fishing Mining and quarrying Manufacturing A B C Electricity and gas, Water supply and sewerage D & E Construction Wholesale and retail trade, Motor Vehicle repairs Transport and Storage Accomodation and Food Services Information and Communication Financial and Insurance activities Real Estate activities Professional, scientific and technical services Administrative and support services Public administration and defense, Social security Education Human health and social work F G H I J K L M N O P Q Arts, Other Services, Household Employment, Extraterritorial Org.
R,S&T 462.5 439.1 452.4 455.5 465.2 468.7 521.2 Intermediation constumption at constant (real) prices 6,974.2 6,773.4 6,816.4 6,774.1 6,671.5 7,187.6 7,336.9 R: Revised P: Preliminary 12 131.6 142.9 141.5 149.8 150.9 160.9 TABLE 9: COMPENSATION OF EMPLOYEES BY ECONOMIC ACTIVITY (B$ MILLIONS) at Current (Nominal) Prices Industry Classification (Revision 4) ISIC Code Agriculture, forestry and fishing Mining and quarrying Manufacturing A B C Electricity and gas, Water supply and sewerage D & E Construction Wholesale and retail trade, Motor Vehicle repairs Transport and Storage Accomodation and Food Services Information and Communication Financial and Insurance activities Real Estate activities Professional, scientific and technical services Administrative and support services Public administration and defense, Social security Education Human health and social work F G H I J K L M N O P Q 2012 17.7 12.3 144.0 113.6 512.6 487.1 126.4 447.7 68.1 354.2 83.0 101.7 78.9 518.3 293.3 284.6 2013 R 2014 R 2015 R 2016 R 2017 P Arts, Other Services, Household Employment, Extraterritorial Org.
R,S&T 134.5 135.3 130.8 137.2 142.4 141.6 Compensation of Employees at current (nominal) prices 3,778.0 3,635.2 3,611.1 3,710.2 3,846.7 3,967.7 R: Revised P: Preliminary 13 GRAPH E: INDUSTRIES AS A PERCENTAGE OF THE TOTAL GRAPH E: INDUSTRIES AS A PERCENTAGE OF THE TOTAL GRAPH E: INDUSTRIES AS A PERCENTAGE OF THE TOTAL GRAPH E: INDUSTRIES AS A PERCENTAGE OF THE TOTAL COMPENSATION OF EMPLOYEES 2017 COMPENSATION OF EMPLOYEES 2017 COMPENSATION OF EMPLOYEES 2017 COMPENSATION OF EMPLOYEES 2017 0.35% 0.00% 0.30% 3.57% 3.82% 1.78% 8.71% Agriculture, forestry and fishing Mining and quarrying Manufacturing 13.99% Electricity and gas, Water supply and sewerage Construction Wholesale and retail trade, Motor Vehicle repairs 11.72% 11.72% 4.54% Transport and Storage Accomodation and Food Services Information and Communication Financial and Insurance activities Real Estate activities Professional, scientific and technical services Administrative and support services Public administration and defense, Social security Education 8.17% 15.56% 3.11% 2.64% 2.79% 8.19% 1.87% 8.90% 14 TABLE 10: DEPRECIATION BY ECONOMIC ACTIVITY (B$ MILLIONS) at Current (Nominal) Prices Industry Classification (Revision 4) ISIC Code 2012 2013 R 2014 R 2015 R 2016 R 2017 P Agriculture, forestry and fishing Mining and quarrying Manufacturing A B C Electricity and gas, Water supply and sewerage D & E Construction Wholesale and retail trade, Motor Vehicle repairs Transport and Storage Accomodation and Food Services Information and Communication Financial and Insurance activities Real Estate activities Professional, scientific and technical services Administrative and support services Public administration and defense, Social security Education Human health and social work F G H I J K L M N O P Q Arts, Other Services, Household Employment, Extraterritorial Org.
R,S&T Depreciation at current (nominal) prices R: Revised P: Preliminary TABLE 11: DEPRECIATION BY ECONOMIC ACTIVITY (B$ MILLIONS) at Constant (Real) Prices Industry Classification (Revision 4) ISIC Code 2012 2013 R 2014 R 2015 R 2016 R 2017 P Agriculture, forestry and fishing Mining and quarrying Manufacturing A B C Electricity and gas, Water supply and sewerage D & E Construction Wholesale and retail trade, Motor Vehicle repairs Transport and Storage Accomodation and Food Services Information and Communication Financial and Insurance activities Real Estate activities Professional, scientific and technical services Administrative and support services Public administration and defense, Social security Education Human health and social work F G H I J K L M N O P Q Arts, Other Services, Household Employment, Extraterritorial Org.
R,S&T Depreciation at constant (real) prices R: Revised P: Preliminary TABLE 12: EXTERNAL TRANSACTIONS ON CURRENT ACCOUNT, SUMMARY at Current (Nominal) Market Prices line ITEM 2012 2013 R 2014 R 2015 R 2016 R 2017 R 2018 P (B$ Millions) PAYMENTS TO THE REST OF THE WORLD 1 Imports of goods and services 2 Factor income to the rest of the world 2.1 Property and entrepreneurial income 2.1.1 By Official Transactions 2.1.3 By other Private Interest and Dividends 3 Current transfers to the rest of the world 3.1 Private 3.1.1 Workers Remittances 3.1.2 Other transfers 3.2 General Government 4 Surplus of the nation on current transactions Payments to the rest of the world and surplus of the nation on current transactions 5 RECEIPTS FROM THE REST OF THE WORLD 6 Exports of goods and services 7 Factor income from rest of the world 7.1 Property and entrepreneurial income 7.1.1 By Official Transactions 7.1.2 By Royalty and License Fees 7.1.3 By other Private Interest and Dividends 8 Current transfers from rest of the world 8.1 Private 8.1.1 Workers Remittances 8.1.2 Other transfers 8.2 Government 9 Receipts from the rest of the world on Current Transactions R: Revised P: Preliminary 4,944.7 228.0 228.0 51.1 177.0 127.3 117.8 101.1 16.8 9.4 (853.0) 4,809.0 219.1 219.1 57.8 161.4 169.0 154.5 126.5 28.0 14.5 (713.3) 5,367.1 363.4 363.4 73.8 289.6 206.1 179.0 127.9 51.0 27.2 (1,519.6) 4,454.1 339.3 339.3 79.5 259.8 303.5 287.2 199.9 87.4 16.3 (718.3) 4,435.0 446.8 446.8 87.0 359.8 267.2 241.9 155.0 86.9
 25.3 (309.7) 5,000.2 369.9 369.9 93.0 276.9 279.1 265.6 223.6 42.1 13.4 (1,185.2) 5,127.6 676.8 676.8 154.7 522.1 277.9 261.8 181.8 80.0 16.1 (1,351.1) 4,446.9 4,483.8 4,417.1 4,378.6 4,839.3 4,463.9 4,731.2 4,087.4 163.6 163.6 130.1 - 33.5 195.9 65.8 - 65.8 130.1 4,245.7 48.0 48.0 15.5 - 32.5 190.1 53.1 - 53.1 137.0 4,149.1 55.1 55.1 14.6 - 40.5 212.8 67.3 - 67.3 145.5 4,125.1 44.4 44.4 15.3 - 29.1 209.2 62.9 - 62.9 146.3 4,211.2 45.8 45.8 16.0 - 29.8 582.3 439.5 - 439.5 142.8 4,192.1 47.9 47.9 18.1 - 29.8 223.9 96.5 - 96.5 127.4 4,482.8 41.5 41.5 18.4 - 23.1 206.9 60.4 - 60.4 146.5 4,446.9 4,483.8 4,417.1 4,378.6 4,839.3 4,463.9 4,731.2 17 TABLE 13: GROSS NATIONAL PRODUCT AT CURRENT MARKET PRICES at Current (Nominal) Market Prices line ITEM 2012 2013 R 2014 R 2015 R 2016 R 2017 R 2018 P (B$ Millions) 1 GROSS DOMESTIC PRODUCT 10,720.50 10,562.73 10,913.26 11,752.32 11,938.45 12,150.41 12,424.52 2 Net Property & Entrepreneurial income from abroad -178.32 -171.11 -308.28 -294.97 -401.03 -321.94 -635.32 2.1 Property & entrepreneurial income received from abroad 49.70 48.01 55.11 44.36 45.78 47.93 41.45 2.2 Property & entrepreneurial income sent abroad 228.02 219.12 363.39 339.33 446.81 369.88 676.77 3 GROSS NATIONAL PRODUCT 10,542.17 10,391.61 10,604.97 11,457.35 11,537.41 11,828.46 11,789.21 Population In Thousands (1) 358.6 362.2 365.9 369.7 373.5 377.4 381.3 GDP per head (2) GNP per head (2) (1) Population Midyear Population Projections (Assumpion B - Medium): All Bahamas (2) Actual Dollars $29,895 $29,398 R: Revised P: Preliminary $29,160 $28,688 $29,824 $28,982 $31,791 $30,993 $31,965 $30,892 $32,198 $31,345 $32,583 $30,917 18 TABLE 14: GROSS & NET NATIONAL INCOME, GROSS NATIONAL DISPOSABLE INCOME GROSS SAVINGS, NET LENDING/BORROWING at Current (Nominal) Market Prices line ITEM 2012 2013 R 2014 R 2015 R 2016 R 2017 R 2018 P (B$ Millions) 1 Gross Domestic Product at Current Market Prices 10,720.50 10,562.73 10,913.26 11,752.32 11,938.45 12,150.41 12,424.52 Net
 Property & Entrepreneurial Income from/to the Rest of the World (Private Int & dividends, Official trans) 2 -178.32 -171.11 -308.28 -294.97 -401.03 -321.94 -635.32 3 Net Compensation of Employees w/Rest of World -46.39 -50.02 -69.75 -67.91 -38.88 -38.74 -57.85 4 GROSS NATIONAL INCOME 10,495.78 10,341.59 10,535.23 11,389.45 11,498.53 11,789.72 11,731.36 Net Current Transfers from/to the Rest of the World (incl Workers Remittances, Oth Transfers, Govt Transfers) 5 68.65 21.14 6.66 -94.31 315.08 -55.18 -71.06 6 GROSS NATIONAL DISPOSABLE INCOME 10,564.43 10,362.73 10,541.89 11,295.14 11,813.62 11,734.54 11,660.30 7 Final Consumption Expenditure 8,217.71 8,046.13 8,461.51 9,006.62 9,005.24 9,757.05 10,094.71 8 GROSS SAVING 2,346.72 2,316.60 2,080.38 2,288.53 2,808.38 1,977.49 1,565.59 9 Net Capital Transfers (migrants transfers) -7.28 -13.02 -10.97 -20.15 -13.78 -26.12 -20.66 10 Gross Capital Formation 3,360.03 3,050.14 3,489.08 2,909.09 2,995.62 3,332.06 3,104.28 11 NET LENDING/NET BORROWING -1,020.59 -746.57 -1,419.67 -640.72 -201.02 -1,380.68 -1,559.35 R: Revised P: Preliminary 19 GRAPH F: REAL GDP GROWTH 1998-2018 0.08 0.06 0.04 0.02 0 1998 -0.02 -0.04 -0.06 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20 Industry Classification (Revision 4) ISIC Code 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 HISTORICAL SERIES 1997 - 2011 TABLE 15: GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY (B$ MILLIONS) CURRENT (NOMINAL) PRICES Agriculture, forestry and fishing Mining and quarrying Manufacturing A B C Electricity and gas, Water supply and sewerage D & E Construction Wholesale and retail trade, Motor Vehicle repairs Transport and Storage Accomodation and Food Services Information and Communication Financial and Insurance activities Real Estate activities 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.
F G H I J K L M N O P Q R,S&T 749.9 790.7 890.4 844.0 855.5 911.1 931.9 1,020.9 1,030.3 977.5 1,028.0 909.0 743.0 772.1 726.3 Total GDP at Basic Prices 5,769.8 6,216.1 7,145.1 7,362.8 7,742.7 8,265.9 8,309.9 8,493.6 9,250.5 9,336.9 9,831.4 9,747.1 9,304.1 9,456.9 9,359.4 Taxes less subsidies on products 560.55 605.65 653.44 713.07 721.80 686.79 708.70 701.94 714.02 838.57 900.67 949.17 797.98 770.42 876.45 GDP by economic activity at purchaser current (nominal) prices 6,332.36 6,833.22 7,683.87 8,076.47 8,317.83 8,881.16 8,870.09 9,055.29 9,836.20 10,167.25 10,618.34 10,526.00 9,981.96 10,095.76 10,070.45 ***NOTE: The Historical Series is based on Previously Published growth patterns, therefore the results are not additive.
21 HISTORICAL SERIES 1997 - 2011 TABLE 16: GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY (B$ MILLIONS) CONSTANT (REAL )PRICES Industry Classification (Revision 4) ISIC Code 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Agriculture, forestry and fishing Mining and quarrying Manufacturing A B C Electricity and gas, Water supply and sewerage D & E Construction F 132.8 60.4 232.6 148.7 418.4 120.0 58.2 229.5 159.6 298.7 112.7 44.9 259.6 169.1 140.9 122.9 50.2 280.2 166.2 181.6 127.4 52.5 243.3 181.6 (34.1) 142.6 53.4 226.8 187.2 90.7 156.4 59.9 291.8 193.9 300.3 145.5 63.7 319.9 202.7 156.4 131.9 60.6 301.9 214.6 331.1 119.3 69.8 334.4 208.2 201.2 111.7 61.6 292.3 217.6 (178.0) 115.6 77.8 270.9 235.5 199.6 119.4 75.2 254.7 229.3 181.7 120.9 81.6 277.8 218.1 537.0 111.5 67.6 278.6 242.2 665.7 Wholesale and retail trade, Motor Vehicle repairs G 1,254.6 1,315.8 1,372.1 1,445.2 1,453.1 1,480.7 1,426.9 1,523.6 1,637.8 1,659.5 1,624.1 1,575.5 1,551.9 1,438.3 1,339.8 Transport and Storage Accomodation and Food Services Information and Communication Financial and Insurance activities Real Estate activities Professional, scientific and technical services Administrative and support services H I J K L M N Public administration and defense, Social security O Education Human health and social work Arts, Other Services, Household Employment, Extraterritorial Org.
P Q R,S&T 935.4 963.5 1,031.1 978.4 982.6 1,007.0 1,035.6 1,119.5 1,065.9 1,006.6 1,031.5 913.7 729.6 775.1 756.0 Total GDP at Basic Prices 7,709.0 7,804.8 8,422.1 8,579.1 8,725.3 9,011.6 9,061.0 9,162.6 9,612.3 9,390.0 9,454.4 9,480.1 9,061.4 9,460.4 9,533.5 Taxes less subsidies on products 708.0 771.8 832.5 897.5 944.7 882.0 891.8 868.7 856.0 984.4 1,000.0 993.8 889.3 822.5 872.7 GDP by economic activity at purchaser constant (real) prices 8,244.28 8,633.12 9,249.88 9,633.68 9,886.63 10,154.02 10,025.60 10,114.11 10,457.52 10,720.72 10,875.80 10,623.05 10,179.51 10,336.15 10,399.50 ***NOTE: The Historical Series is based on Previously Published growth patterns, therefore the results are not additive.
22 HISTORICAL SERIES 1997 - 2011 TABLE 17: GROSS DOMESTIC PRODUCT BY EXPENDITURE ($ MILLIONS) CURRENT (NOMINAL) PRICES Expenditure Component 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Final Consumption Expenditure by General Government Non-Profit Institutions Serving Households Households 3,628.7 3,993.5 4,303.7 4,467.2 4,861.7 4,866.0 4,958.9 5,112.9 5,643.6 6,040.0 6,193.5 6,224.9 5,839.2 6,012.2 6,122.2 Gross Fixed Capital Formation Buildings and Infrastructure Machinery and Equipment Transport Equipment Databases and Software Changes in Inventories Acquisitions less Disposal of Valuables Exports of Goods and Services 2,335.4 2,368.2 2,801.3 3,072.9 2,834.1 3,212.8 3,176.4 3,460.5 3,812.5 3,895.0 4,257.1 4,157.1 3,412.9 3,528.8 3,769.9 Imports of Goods and Services (2,713.7) (2,943.0) (3,015.6) (3,359.6) (3,196.4) (3,028.7) (3,127.0) (3,421.7) (4,193.8) (5,006.5) (5,088.4) (5,045.7) (4,225.4) (4,414.1) (5,125.7) GDP by expenditure at purchaser prices Current (Nominal) Growth Rate 6,332.4 6,833.2 7.9% 7,683.9 12.4% 8,076.5 5.1% 8,317.8 3.0% 8,881.2 6.8% 8,870.1 -0.1% 9,055.3 2.1% 9,836.2 8.6% 10,167.3 3.4% 10,618.3 4.4% 10,526.0 -0.9% 9,982.0 -5.2% 10,095.8 1.1% 10,070.4 -0.3% ***NOTE: The Historical Series is based on Previously Published growth patterns, therefore the results are not additive.
23 HISTORICAL SERIES 1997-2011 TABLE 18: GROSS DOMESTIC PRODUCT BY EXPENDITURE ($ MILLIONS) CONSTANT (REAL) PRICES Expenditure Component 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Final Consumption Expenditure by General Government 1,309.88 1,293.11 1,292.74 1,338.96 1,376.64 1,358.69 1,218.57 1,179.70 1,216.67 1,237.97 1,235.90 1,324.89 1,376.38 1,372.35 1,471.73 Non-Profit Institutions Serving Households 239.29 235.75 236.11 242.68 247.90 242.82 204.65 196.37 202.51 207.80 207.43 224.38 229.83 227.93 255.95 Households 5,163.23 5,787.07 6,270.84 6,414.48 6,458.69 6,703.68 6,680.68 6,579.93 7,120.52 7,330.68 7,422.42 7,138.97 6,403.67 6,472.80 6,307.52 Gross Fixed Capital Formation Buildings and Infrastructure Machinery and Equipment Transport Equipment Databases and Software Changes in Inventories 81.02 85.28 107.14 225.67 152.88 142.55 129.68 124.96 135.02 134.78 132.50 129.99 132.13 134.16 182.62 Acquisitions less Disposal of Valuables 0.87 0.98 1.01 1.07 1.03 1.00 0.34 3.24 1.81 1.95 3.53 1.37 2.42 1.98 2.52 Exports of Goods and Services 2,896.50 2,860.72 3,051.56 3,198.98 3,365.15 3,382.69 3,405.54 3,803.89 3,722.48 3,794.85 3,740.75 3,658.41 3,542.21 3,587.36 3,812.72 Imports of Goods and Services (3,934.61) (4,461.01) (4,593.63) (4,845.52) (4,662.54) (4,533.32) (4,548.75) (4,709.78) (5,382.24) (6,039.31) (5,816.81) (5,473.77) (4,805.49) (4,786.67) (5,144.02) GDP by expenditure at purchaser prices Constant (Real) Growth Rate 8,244.3 8,633.1 4.7% 9,249.9 7.1% 9,633.7 4.1% 9,886.6 2.6% 10,154.0 2.7% 10,025.6 -1.3% 10,114.1 0.9% 10,457.5 3.4% 10,720.7 2.5% 10,875.8 1.4% 10,623.1 -2.3% 10,179.5 -4.2% 10,336.1 1.5% 10,399.5 0.6% ***NOTE: The Historical Series is based on Previously Published growth patterns, therefore the results are not additive.


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