Bahamas records growth of 13.7% in 2021

CARICOM Business – The Bahamas recorded real economic growth of 13.7% in 2021 with economic activity in nominal terms expanding by 15.6%.

According to the Bahamas National Statistical Institute Wholesale and retail trade/motor vehicle repairs grew by 17%, Construction (38%), Accommodation and food services (65%) and Transportation and storage (61%).

It is not expected that the country will return to pre-pandemic GDP levels until possibly the end of 2023, barring any resurgence of COVID-19 infections or extended fallout from Russia’s war with Ukraine.

On the expenditure side, general government consumption increased by 13% relative to 2020.

Household consumption grew by 23% compared to 2020. Both categories were however still below 2019 levels. Gross fixed capital formation increased by $462 million (23%).

Exports of goods and services grew by $447 million (20%), led by the upturn in tourism expenditure, which represents approximately 65% of this sector.

Imports of goods and services increased by $868 million (22%). When compared to 2019 however, this was $527 million lower.