GDP Grows by 1.6% But It's Below IMF's 2.3% Prediction
- The Bahamas’ real gross domestic product grew by 1.6% in 2018 compared to 2017. This result represents an improvement on the average yearly real GDP growth of just 0.4% between 2015 and 2017 but falls short of the IMF’s expected growth of 2.3%.
- According to the Department of Statistics 9 of 17 industry groups contributed to the increase in real GDP, with real value added increasing 0.9% for the real estate industry group; 3.0% for the wholesale and retail trade group; 4.2% for the financial and insurance sector and the 7.9% increase in tourist arrivals.
- Deputy Prime Minister and Minister of Finance Peter Turnquest said: “This is the first time the country has had decent economic growth over five years. When we look at where we are now compared to where we were, these results are confirmation; there has been a significant turnaround and our policy mix is effectively placing us on a path of sustained growth.
(Source: Tribune 242)