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DPM bullish on revised GDP data

Deputy Prime Minister and Minister of Finance Peter Turnquest has said that recent gross domestic product figures released by the Department of Statistics show that there is "concrete signs of economic recovery" in The Bahamas. 

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TheBahamasInvestor.com
Tuesday, May 1, 2018
Tuesday, May 1, 2018

Deputy Prime Minister and Minister of Finance Peter Turnquest has said that recent gross domestic product (GDP) figures released by the Department of Statistics show that there is “concrete signs of economic recovery” in The Bahamas.

In a statement, the DPM said: “I am pleased to see concrete signs of economic recovery based on the 2017 economic data published by the Department of Statistics last week. The growth in real GDP of 1.4 per cent in 2017 is in line with previous forecasts made by the Government.”


“The facts bear out that investor and consumer confidence is finally on the rise once again in The Bahamas. The 13 per cent growth in gross fixed capital formation is a positive indication that businesses are increasing their investment output and economic impact. The 9 per cent increase in household consumption also confirms signs of the economic recovery.”

Turnquest added that while this represents a positive start on the road to recovery, it is “far too early to declare victory in the transformation of the country’s economic fortune”.

“We still have much work to do – and tough decisions to make – to get our fiscal house in order and to reverse the persistent deficits and growth in debt that could derail any economic recovery.”

He said that the government must quicken the pace of structural reforms and economic transformation if the Bahamas is to keep pace in an increasingly competitive modern global economy.

“As such, the Ministry of Finance will continue to work aggressively to implement the Government’s transformational socio-economic growth agenda that will guide us over the next four years.”

Blockchain technology can help Small and Medium-sized Enterprises in the Caribbean region get access to capital and overcome other obstacles to growth, according to a new report commissioned by Compete Caribbean and the Inter-American Development Bank.

Speaking at a press conference observing the 40th Anniversary of The Bahamas Development Bank, Deputy Prime Minister and Minister of Finance Peter Turnquest said Bahamians should look to the bank for financing and support.

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