Deputy Prime Minister and Minister of Finance, Peter Turnquest announced that real gross domestic product (GDP) growth for the 2017 calendar year, saw constant prices up by 1.4 per cent.
In a statement released to the press Wednesday, Turnquest said, the growth in 2017 represents a major recovery from the significant loss of -1.7 per cent in 2016, according to Turnquest.
“This means The Bahamas is on the economic rebound and we have the wind at our backs,” Turnquest said.
“It proves that the prudent fiscal management by this administration has set the Bahamas on a path of sustainable economic growth, anchored in the economic empowerment of the Bahamian labour force and talent pool. As the government prepares for its new budget cycle, we will build on this momentum and continue the path towards inclusive economic growth.”
According to the release, the main industries contributing to this growth in GDP include: construction, wholesale and retail trade and business services of a professional nature (administrative business services, and arts and other services).
The latest GDP figures were published last week by the Department of Statistics in its National Accounts Report 2017.
“The report also revealed that gross fixed capital formation grew (GFCF) by 13 per cent, due mainly to on-going capital works, as well a continuation of major repairs to infrastructure that were required after Hurricane Matthew,” he said.
“Additionally, government consumption increased 12 per cent, while consumption by households grew by nine per cent.”