GDP Increase Recorded In 2015 Fourth Quarter

May 14, 2016

According to the Quarterly Gross Domestic Product [GDP] report released by the Department of Statistics, during the fourth quarter 2015, quarterly GDP at current prices was estimated at $1,400.1 million, which represented a 0.5% rise year-over-year.

The report said, “During the fourth quarter 2015, quarterly GDP at current prices was estimated at $1,400.1 million. This represented a 0.5% rise year-over-year. The main drivers were a $24.3 million increase in household final consumption as well as $9.4 million less in payments for imports of goods. In contrast, a $17.0 million rise in the imports of services and an $11.8 million fall in gross capital formation contributed negatively to GDP growth.

“After adjusting for inflation, real GDP rose by 0.1%. Overall inflation for the 4th quarter, as measured by the implicit price index, increased 0.4%.

Charts extracted from the report

CURRENT ACCOUNT

“Household final consumption increased 3.1% reflecting greater expenditure on motor vehicles, food purchased in stores and restaurant services. After adjusting for inflation, household consumption rose 1.7%.

“Government consumption weakened 1.4% due to lower expenditure on wages, salaries and employee overheads. After adjusting for inflation, government consumption fell 1.8%.

“Gross capital formation [i.e. investment in fixed assets] declined 7.1% as lower investment was made in machinery and equipment such as telecommunications equipment and furniture. In real terms, gross capital formation contracted 7.8%.

“The net surplus on trade in goods and services declined $1.6 million or 0.8%, due mostly to higher payments for imports of services. Imports of services increased $17.0 reflecting higher payments for telecommunications services and advertising.

“In contrast, a 4.4% fall in the imports of goods and a 1.0% rise in the exports of services contributed positively to the net surplus on trade in goods and services. In real terms, the net surplus on trade in goods and services increased 3.6%.”

The Quarterly GDP Publication Q4 2015 report follow below [PDF here]:

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Comments (8)

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  1. Stanley says:

    OBA all de way!!!!

    • Coffee says:

      Are you joking or what ? The world economy is far outpacing us .

      • jt says:

        It was under PLP and we were still in decline.

      • Zevon says:

        It was the PLP who loved the “worldwide recession” myth. It was the excuse for their self-inflicted 7-year recession, which we’re still recovering from. It will take decades to put right the mess the PLP got us into.

      • Build a Better Bermuda says:

        OK let’s correct a couple of things, our slow recovery is in large part due to damaging policies from the last administration. Fixing those policies is easy… fixing he damage they did will take time, possibly lifetimes. As for the state of the actual global economy, it is widely considered tenuous right now, with things like a potential real estate bubble collapse in China, the possible Brexit from the EU or Trump becoming the US president and toying with defaulting on its loans, to name but a few, as potentials for triggers of another global recession.

    • rightt says:

      0.1% and OBA supporters claim a victory LOL. That’s a very slim margin and borderline growth – more like stagnation.

  2. aceboy says:

    This is just an OBA plot to make the PLP look bad.

  3. Average Bermudian says:

    fey ?

    ?