Bahamas Reports a 10.8% Economic Growth

• The economy of Grand Bahama has expanded by 10.8%, while New Providence, produced “unmatched” economic expansion in 2023, according to the Bahamas National Statistical Institute (BSNI).

• “Accommodation and food services showed an increase of $436Mn, and arts, other services and household employment, extra-territorial organizations increased by $208Mn. In 2023, New Providence represented 77% of the overall economy of the Bahamas and the island’s economic contribution jumped from $9.937Bn in 2022 to $11.027Bn, representing a nine-year high in The Bahamas,” the report said.

• According to the report, the impact of tourism on the islands was evident beginning in 2020, although exponential growth was experienced during the period 2021 to 2023. The industrial grouping, real estate, owner-occupied and actual rents led the increase at 28%, while the accommodation and food services, arts, other services, household employment, and extraterritorial organizations grew by 23% compared to 2022.

• Overall, New Providence remained the economic powerhouse, accounting for 77% of the Bahamas’ GDP in 2023, and has seen a robust 11% increase in economic activity, mainly in the services sector.

(Source: MagneticMedia)