“The GDP is the most widely accepted economic indicator used to track the performance of a nation, and it offers a comprehensive insight into the health of the Bahamian economy,” Clarice Turnquest, Senior Statistician, Department of Statistics, told members of the press at the Department of Statistics.

“This increase points to a sustained growth over 2005 led by a growth in tourist expenditure of $103 million, exports of goods of $139 million and a robust construction industry led by multi-million dollar projects around The Bahamas."

“These increases in 2006 were borne out in the growth measured by the 2006 Labour Force Survey results,” Ms. Turnquest added. “According to that survey, employment grew by 7,530 persons or 4.7 per cent.”

Additionally, consumer confidence in the economy’s continued growth was displayed by major increases in the Bahamian dollar credit issued in The Bahamas, led by personal credit with $553 million, construction with $42 million; professional and other services with $31 million; and distributive trades with $22 million.

Major industries contributing to the constant prices growth in 2006 were: construction industry - $95 million; wholesale and retail trade - $28 million; and the banking industry - $47 million.

Ms. Turnquest noted these were preliminary figures, and were based on first round estimates of some major data providers, trend analysis and a series of current indicators.

“Preliminary estimates therefore are an approximation of what has transpired in the economy and are based on indicators that give an idea of how a particular industry has performed,” she explained.

Ms. Turnquest added the 2005 results are provisional, as they benefit from the first or early results from administrative sources and the establishment surveys for the reference year in question.

She said during 2005, the GDP in current market prices grew by 5.96%.

“This growth was mainly due to capital development by the government in the housing market, private investments mainly in the hotel industry and tourist expenditure of $187 million,” she explained.

Ms. Turnquest went on to add that residential construction grew by $88 million, investment in machinery and equipment increased by $264 million and capital-work-in-progress rose by $84 million.

She revealed that the Government's final consumption expenditure also increased by $54 million.

“This growth, though impressive, was dampened by a major increase in imports of good and services of $667 million. The value of imports grew to support the increased demand for resources in 2006 as well as because of the increase in world prices for oil,” Ms. Turnquest concluded.