#Bahamas, October 3, 2017 – Nassau – A whopping jump in The Bahamas’ GDP is drawing mixed reaction from the financially literate Bahamian public. GDP now stands at 10.7b for the country, up from $8.4b. The growth in the country’s GDP is attributed to more spending on capital works due to the hurricanes, a boom in imports and an increase in household consumption.
The announcement came late last week that The Bahamas’ GDP surged by 27.6% from 2012 to now and was made by the National Accounts Section in the Department of Statistics. Clarice Turnquest, Assistant Director said the way the country measures #GrossDomesticProduct is enhanced now with the United Nations and the International Monetary Fund Bank both involved. Specifically, the new matrix tracks supply of goods and services available within The Bahamian economy and links that to consumption by businesses, government and households.
Turnquest identified in her report during a press conference that the System of National Accounts or SNA of the UN uses a double deflation method and a new benchmark 2012 Supply and Use Table. While some say this dramatically changes how one can look at the former administration and its claims of economic growth, which was clearly disbelieved by the voters in May – others say, the error in measuring the GDP exposes incompetence at the Central Bank and yet another cites that the more important question is if this big bump in country GDP also means that Bahamian households are earning more.