The National Accounts Section of the Department of Statistics has announced the release of the 2010 preliminary estimates along with the historically revised estimates of gross domestic product (GDP) for the period 1997 to 2009.
The 2010 preliminary results are based on early estimates from major data sources such as The Central Bank of The Bahamas, Ministry of Tourism and Aviation, and the Foreign Trade Section of the Department of Statistics, among others. They are also based on indicators that normally mimic movements of particular industries, including hotel room rates, megawatt sales, building permits, chargeable telephone minutes, and the consumer price index.
The 2010 GDP figures are preliminary and as more data becomes available, the figures will be revised in keeping with international practices and procedures.
According to these early results, the GDP in current prices for 2010 had a negative growth of 1.35 per cent, as compared to 2009 that had a negative growth of 5.26 per cent. However, when measuring the real growth that occurred in the economy, (which is growth unencumbered by inflation) the Bahamian economy had a positive growth of 0.95 per cent in constant prices.