NASSAU, BAHAMAS- The Bahamas saw a $1.2 billion increase in its exports of goods and services in 2022 drive in large part by tourism expenditure according to data from The Bahamas National Statistical Institute.
The BNSI in its 2022 Advance Estimates of Gross Domestic Product (GDP) noted that economic activity in The Bahamas increased by just over 14 percent percent last year, with the total value of goods and services produced in the Bahamian economy estimated at just under $13 billion when factoring inflation.
The BNSI in its recently released 2022 advanced estimates of Gross Domestic Product (GDP) noted that economic activity in The Bahamas increased significantly in 2022 by 11.9 percent in nominal terms and by 14.4 percent in real terms, as the business activity returned to pre – Covid 19 pandemic levels. It was noted that most industries showed modest gains when compared to 2021 and that 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.
It was noted that accommodation and food 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 percent lower,” the BNSI noted.
Transportation and storage increased by $149 million (35 percent ) when compared to 2021, as the tourism sector continued to recover. The number of visitor arrivals increased the demand for taxi and land transportation.
According to the BNSI, household consumption grew by $490 million (seven percent) when compared to 2021, as businesses fully reopened and employee work hours increased. Exports of goods and services grew by $1.2 billion (40 percent) which was led by the upturn in tourism expenditure which represents a significant percentage of the sector.
