April 4, 2024
According to The Gleaner, The Bahamas National Statistical Institute (BNSI) reported a 2.6% increase in economic activity in 2023, bringing it back to pre-pandemic growth levels. Real gross domestic product rose from US$12.5 billion in 2022 to US$12.83 billion. Tourism-related industries saw significant growth, with total economic output reaching US$14.3 billion in nominal prices and US$12.8 billion in real prices.
During the apex year of the pandemic, 2020, The Bahamian economy contracted by 21.42%. However, the economy had softened before that, having experienced a contraction of 1.36%, largely due to the impact of Hurricane Dorian.
The recovery was led by accommodation and food services, which expanded by 26%, driven by increased tourism arrivals. Air and cruise tourist arrivals improved by 24% to 9.7 million. Construction grew by 22% resulting from increased capital investment in the country, transportation and storage by 16%, and household consumption by 8%. Exports of goods and services increased by US$200 million driven mainly by tourism expenditure representing the majority of exports of services, offsetting a reduction in exports of goods.
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