2017 Fourth Quarter Gross Domestic Product
According to the Quarterly Gross Domestic Product [GDP] report released by the Department of Statistics, during the fourth quarter 2017, quarterly GDP at constant prices was estimated at $1,141.2 million, a 1.4% increase year-over-year.
The report said, “During the fourth quarter 2017, quarterly GDP at constant prices was estimated at $1,141.2 million. This represented a 1.4% increase year-over-year. The main driver was a $7.7 million increase in final consumption expenditure.
“In current prices, nominal GDP rose 2.5%. Overall inflation for the 4th quarter, as measured by the implicit price index, increased 1.1%.
Charts extracted from the report
“After adjusting for inflation, household final consumption increased by 1.4% to $651.7 million. Increased expenditure on accommodation and catering services were offset by lower consumption of electricity and air transport services.
“Government consumption decreased 0.7% during the fourth quarter.
“Gross capital formation [i.e. investment in fixed assets] increased $1.6 million or 0.9% reflecting greater investment in machinery and equipment such as automobiles and industrial machinery. In contrast, capital formation related to construction registered a 1.0% decline during the period.
“The net surplus on trade in goods and services increased $6.5 million or 5.2%, due to the combined effect of a rise in the exports of goods and services and a fall in the imports of goods and services.
“Receipts from the exports of goods and services rose $5.2 million due mostly to increased tourist expenditure. Imports of goods and services, which have a downward effect on GDP growth, fell by $1.3 million reflecting lower payments for imported goods that offset a rise in the imports of services.”
The Quarterly GDP Publication Q4 2017 report follow below [PDF here]:
