Bahamas' Quarterly GDP Grew By 7.6% In Q4 Of 2024

• The Bahamas National Statistical Institute (BNSI) released its quarterly advance estimates for gross domestic product (GDP) for 2024, revealing that in the fourth quarter of 2024 (Q4 2024), the Bahamian economy grew by 7.6%, compared to Q4 2023.
• The advance estimates state: “The quarterly gross domestic product (QGDP) trends for 2024 show continued economic growth when compared to the corresponding quarters in 2023, with the exception of the third quarter, which recorded a modest year-over-year decline of less than one percent. The most notable increase occurred in the fourth quarter of 2024, which saw real QGDP grow by 7.6% in the period compared to the same period in 2023.”
• In the first quarter, real GDP increased by 5.8% compared to Q4 2023. In Q2 2024, real GDP rose a further 2.6% compared to Q1 2024, in Q3 2024, real GDP contracted by 5.1% compared to Q2 2024, and for Q4 2024, real GDP rebounded with a 4.4% increase over Q3 2024.
• The report noted that “The second quarter of 2024 recorded the highest real QGDP since the inception of the quarterly series. Key contributors to this performance include the industries of agriculture and fisheries, information and communication, electricity and gas, water supply and sewerage, and accommodation and food services. “
• On the expenditure approach to QGDP, growth was driven by increases in gross fixed capital formation, household final consumption expenditure, and exports of goods and services, particularly within the tourism sector.”

(Source: The Nassau Guardian)