Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697648751354.pdf (Bahamas)
BAHAMAS NATIONAL STATISTICAL INSTITUTE PRESS RELEASE ADVANCE ESTIMATES FOR GROSS DOMESTIC PRODUCT: 2022 Date: March 31, 2023 Contact: CLARICETURNQUEST@BAHAMAS.GOV.BS, TERAHNEWBOLD@BAHAMAS.GOV.BS The National Accounts Section of the Bahamas National Statistical Institute (formerly the Department of Statistics) announces the release of the 2022 advance estimates of Gross Domestic Product (GDP).
These are compiled by both the Production and Expenditure Approaches and available in current (nominal) and real (constant or inflation adjusted) prices.

According to the 2022 annual estimates, economic activity in The Bahamas increased significantly by 11.9% in nominal terms and by 14.4% in real terms, as the business activity returned to pre – Covid 19 Pandemic levels.

Most industries showed modest gains when compared to 2021.
In 2022, the total value of goods and services produced in the Bahamian economy was estimated at $12.9 billion in nominal prices, and at $12.85 billion in real prices.
Graph 1: Real vs Nominal GDP 2018 -2022 0 0 1 = 8 1 0 2 n o i l l i M $ B 14,000 13,000 12,000 11,000 10,000 9,000 8,000 2018 2019 2020 2021 2022 NOMINAL REAL 1 Table A: Nominal vs Real GDP 2015-2022 (B$ Mil) YEAR Current (NOMINAL) Constant (REAL) 2022 2021 2020 2019 2018 2017 2016 2015 12,897.4 12,853.5 11,527.6 11,238.7 9,754.6 9,607.0 13,058.7 12,559.5 12,653.6 12,253.5 12,653.6 12,462.5 11,750.8 12,168.6 11,672.9 12,176.8 (Base 2018 =100) The Production Approach The Production Approach to GDP, which is based on the Gross Value Added (GVA) by Industry, showed an increase in real growth across many industries.
The industries that showed the most significant increase in 2022 were the following:  Accommodation and Food Services—increased significantly when compared to 2021 from $550 million in 2021 to $1.1 billion in 2022.

This growth was largely due to increased tourism stopovers and a return of cruise visitors to the Bahamas, as Covid 19 travel restrictions and test requirements diminished globally.
Although the increase in this Industrial group was significant, however when compared to 2019 the level was still 19% lower.

 Transportation and Storage—increased by $149 million (35%) when compared to 2021, as the Tourism sector continued to recover.

The number of visitor arrivals increased the demand for taxi and land transportation.
 Public Administration - increased by $244 million (30%) when compared to 2021 as the purchase of goods and services, compensation of employees and consumption of fixed capital all saw significant increases.
2 Table B: Real GVA by Industrial Classification 2018 to 2022 (B$ Mil) Industry Classification (Revision 4) Agriculture, forestry and fishing Mining and quarrying Manufacturing Electricity and gas, Water and Sew Construction Wholesale/Retail trade, Motor Vehicle repairs Transport and Storage Accommodation and Food Services Information and Communication Financial and Insurance Real Estate , Owner Occupied and Actual Rents Professional, scientific and tech serv.

Administrative and support serv.


Public admin and defense, Social sec.

Education Human health and social work Arts, Other Services, Household Employment, Extraterritorial Org.
The Expenditure Approach Gross Domestic Product, as calculated by the Expenditure Approach, showed real growth in 2022 of an estimated 14.4% and was primarily explained by the following outcomes:  General Government consumption, which includes Public Administration and Defense, Public Education and Public Health increased by $314 million (13%), when compared to 202I, a direct result of an increase in Government purchases of goods and services, compensation of employees and depreciation.
 Household consumption grew by $490 million (7%) when compared to 2021, as businesses fully reopened and employee work hours increased.

2022 saw the reintroduction of face-to-face educational instruction which resulted in an increased household expenditure for education among other types of expenditures by households.

 Exports of Goods and Services grew by $1.2 billion (40%) which was led by the upturn in Tourism Expenditure as this represents a significant percentage of this sector.
According to the Ministry of Tourism, both Air Stopover Arrivals and Cruise visitors showed substantial gains in 2022.
Table C: Real GDP by Expenditure Approach 2018 to 2021 (B$ Mil) EXPENDITURE COMPONENTS 2018 2019 2020 2021 2022 Final Consumption Expenditure by 9,889.3 9,211.7 7,603.6 9,218.1 10,113.1 General Government 1,450.4 1,653.5 1,474.6 1,658.4 1,973.1 Non-Profit Institutions Serving Households 322.0 332.5 220.4 222.3 312.3 Households 8,116.9 7,225.7 5,908.6 7,337.4 7,827.8 Gross Fixed Capital Formation 3,201.0 3,293.3 2,251.9 2,530.7 2,285.1 Buildings and Infrastructure 2,254.9 2,552.3 1,674.4 1,677.9 1,449.4 Machinery and Equipment 794.3 612.5 465.4 722.3 683.4 Transport Equipment Databases and Software 39.3 115.9 101.5 121.2 138.4 12.6 12.5 10.5 9.3 13.9 Changes in Inventories 140.1 135.5 108.6 128.3 152.7 Acquisitions less Disposal of Valuables 15.7 20.6 0.6 11.7 10.4 Exports of Goods and Services Imports of Goods and Services 4,546.3 4,604.3 2,501.1 3,060.2 4,290.8 (5,092.3) (4,899.7) (3,558.8) (3,924.2) (3,991.0) 4 Re-referencing of the GDP to Base year 2018 During the past year, the National Accounts team has worked assiduously to re-reference the GDP from the 2012 base year to 2018.
The former base was becoming less relevant and limited constant growth for items that did not exist in the base year.

The 2018 base year was selected as the most ‘normal’ year between the period 2015 to 2021, and allowed for the incorporation of new and revised data sets.

Revisions to Estimates As is the practice in other countries, the National Accounts is regularly updated to reflect international best practices and recommendations from subject matter experts.
These revisions, which improved both the accuracy and timeliness of GDP statistics, will be explained in greater detail in the National Accounts 2022 Report, which will be published April 2023.

In keeping with the Institute’s Revision Policy, and to maintain the integrity of the GDP data series, the entire series, with the exception of the base year 2012 nominal, have been revised.
This allows for an extended, consistent time series, which promotes proper comparability and analysis of economic developments over time.

It also allows for incorporation of corrections, new data sources and recommended methodological changes, including the following:  Balance of Payments updates, as provided by the Central Bank of The Bahamas.

 Tourism Visitor arrivals and expenditure data updates.

 External Trade Statistics revisions.

 Consumer Price Indices updates.


 Aggregated Value Added Tax data updates.

 The Business Establishment Survey findings for 2015 to 2021.

The National Accounts 2022 Report will be available on the Bahamas National Statistical Institute (formerly Department of Statistics) website in April 2023.

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