For the 2017 calendar year, real GDP growth in constant prices was up 1.4%, which is amazing growth considering the country experienced negative growth under the previous administration. The GDP growth in 2017 represented a major recovery from the significant loss of -1.7% in 2016.

This means The Bahamas is on the economic rebound and we have the wind at our backs. 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.

The main industries contributing to this growth in GDP included: Construction, wholesale and retail trade, 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 by 13%, due mainly to on-going capital works, as well a continuation of major repairs to infrastructure that were required after Hurricane Matthew. Additionally, Government consumption increased 12% while consumption by households grew by 9%.