Press Release

Date: May 9th, 2025 

Contact: TERAHNEWBOLD@BAHAMAS.GOV.BS, CLARICETURNQUEST@BAHAMAS.GOV.BS

The National Accounts Section of the Bahamas National Statistical Institute (formerly the Department of Statistics) announces the release of the 2024 advance estimates of Gross Domestic Product (GDP). These are compiled by both the Production and Expenditure Approaches and available in nominal (current) and real (constant or inflation adjusted) prices.

According to the 2024 annual estimates, economic activity in the Bahamas increased by 3.7% in nominal terms and by 3.4% in real terms when compared to 2023. This real growth was evident in a number of industries, led by Wholesale and Retail Trade, Motor Vehicle Repair and the Construction Industries, which were responsible for the lion’s share. In 2024, the value added created through the production of goods and services in the Bahamian economy, was estimated at $15.8 billion in nominal prices, and $14.1 billion in real prices.

The Production Approach

The Production Approach to GDP, which is derived from the Gross Value Added (GVA) by Industry showed an increase in real growth across most industries. The industries indicating the most substantial increases in 2024 were the following:

• Wholesale, Retail Trade and Motor Vehicle repairs – increased by $206 million (15%). This increase is mainly connected to the growth in household consumption. 
• Construction – increased by $146 million (19%). This industry increased as capital investment within the country continued to grow as evidenced by a rise in the imports of construction materials.
• Information and Communication – increased by $97 million (21%), as implementation and increased use of digital technology expanded in the Bahamian economy.
• Electricity and gas, Water supply and sewerage – increased approximately $64 million (18%) when compared to 2023. This real growth can be mainly attributed to lower fuel costs in 2024

The Expenditure Approach

Gross Domestic Product calculated by the Expenditure Approach (which shows the contribution to the economy of Final Consumption, Investments, Exports and Imports), indicated a real growth in a number of sectors in 2024, primarily reflected in the following components:

• Gross Fixed Capital Formation – showed an increase in 2024 compared to 2023 of 21%. This was led by Building and Infrastructure Sector with an increase of $341 million (16%), followed by Machinery and Transportation Equipment which grew by approximately $291 million (38%).
• Household Final Consumption Expenditure experienced real growth in 2024 of almost $252 million (3%) when compared to 2023. 
• Exports of Goods and Services increased by $287 million (6%) in 2024 compared to 2023. This sector includes the contribution to the economy by Tourists which includes both Stopover and Cruise visitors’ spending and represents the majority of this component.

Revisions to Estimates

As is the practice in other countries, the National Accounts is regularly updated to reflect international best practices and recommendations from real sector experts. These revisions which improved both the accuracy and timeliness of GDP estimates, will be explained in greater detail in the National Accounts 2024 Report.

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, provided by the Central Bank of The Bahamas
• Tourism Visitor arrivals and expenditure data updates, provided by the Ministry of Tourism 
• External Trade Statistics revisions
• Consumer Price Indices updates
•  Aggregated Value Added Tax data updates 
• The Business Establishment Survey findings for 2015 – 2023

The full National Accounts 2024 Report is scheduled to be released on the Bahamas Government website under (www.statisticsbahamas.gov.bs) within the next thirty days.