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Economy records real growth of 1.8 per cent in 2017

The Deputy Prime Minister and Minister of Finance Peter Turnquest said that present estimates indicate that the Bahamian economy recorded real growth on the order of 1.8 per cent in 2017. 

Source:
Date:
Updated:
TheBahamasInvestor.com
Thursday, February 22, 2018
Thursday, February 22, 2018

The Deputy Prime Minister and Minister of Finance Peter Turnquest said that present estimates indicate that the Bahamian economy recorded real growth on the order of 1.8 per cent in 2017.

“This renewed buoyancy stemmed primarily from construction activity associated with on-going foreign investment projects, as well as rebuilding work in the wake of the hurricanes,” DPM Turnquest said as he presented fiscal developments during the first half of the 2017/18 fiscal year in the House of Assembly, February 21, 2018.

The DPM said he would present a more detailed and comprehensive mid-year fiscal update to Parliament during his Contribution to the Debate on the Mid-Year Statement and related resolution.


He explained that before this renewed buoyancy, during the four-year period between 2012 and 2016, the Bahamian economy actually shrank in real terms, from $10.7 billion to $10.2 billion.

DPM Turnquest also noted that while the rate of unemployment did rise marginally between May and November of last year, it still stood fully 1.5 percentage points lower than a year earlier. All of the islands surveyed also posted lower rates of unemployment than had been experienced in November 2016.

The DPM also noted that all of the islands surveyed posted lower rates of unemployment than had been experienced in November 2016.

He said prospects for the economy in 2018 are for yet further strengthening of activity, with real growth estimated at 2.5 percent.
“Conditions in the labour market are consequently also expected to improve.

These developments will be underpinned by the completion of Baha Mar’s phased opening and by various foreign investment-related projects.”

He said there is also expected that growth in both the tourism sector and the national economy will be favourably impacted by stronger projected growth in the US, The Bahamas’ major trading partner.

“In its latest forecast, the International Monetary Fund has boosted its forecast for US growth by 0.4 percentage points, to a level of 2.7 per cent.”

He said the increase in investor and consumer confidence in the US augers well for continued growth in tourist travel to, and investment interest in, the Islands of The Bahamas.

Minister for Grand Bahama Kwasi Thompson met with two representatives from the Organization of American States Small Business Development Centre last week as part of efforts to develop a Small Business Development Centre in the country, and to create one in Grand Bahama.

The Deputy Prime Minister and Minister of Finance Peter Turnquest said the public finances of The Bahamas are in a better place than they were at the mid-point of the last financial year.

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