2018 First Quarter Gross Domestic Product
According to the Quarterly Gross Domestic Product [GDP] report released by the Department of Statistics, during the first quarter 2018, quarterly GDP at constant prices was estimated at $1,313.8 million, a 0.4% decrease year-over-year.
The report said, “During the first quarter 2018, quarterly GDP at constant prices was estimated at $1,313.8 million. This represented a 0.4% decrease year-over-year. The main driver was a $23.0 million decline in gross capital formation.
“In current prices, nominal GDP increased 1.0%. Overall inflation for the 1st quarter, as measured by the implicit price index, increased 1.4%.
Charts extracted from the report
“After adjusting for inflation, household final consumption contracted 0.5% to $612.5 million. Households spent less on meals eaten outside the home, motor vehicles and electricity consumption compared to the same period last year.
“Government consumption increased 3.2% due largely to an increase in salaries for public officers.
“Gross capital formation [i.e. investment in fixed assets] decreased $23.1 million or 11.6% reflecting lower investment in machinery and equipment such as automobiles and boats. In contrast, capital formation related to construction registered a modest 0.5% increase during the period.
“The net surplus on trade in goods and services increased $21.6 million or 6.9%, due primarily to a fall in the imports of goods. Imports of goods, which have a downward effect on GDP growth, fell 9.8 percent due to fewer machinery and equipment being imported.
“Exports of services rose 1.8% during the period due to increased earnings from the export of financial services and travel services. In contrast, payments for the imports of services rose 5.3% due mostly to construction/engineering services and business consultancy services. Exports of goods registered a 6.6% decline during the period.”
The Quarterly GDP Publication Q1 2018 report follow below [PDF here]:
More good news.
Keep ‘em coming PLP!
They seem to have wasted no time in screwing up the economy.
The one thing that’s up is Publlc Employee salaries. How predictable.
“During the first quarter 2018, quarterly GDP at constant prices was estimated at $1,313.8 million. This represented a 0.4% decrease year-over-year. The main driver was a $23.0 million decline in gross capital formation.”
“Government consumption increased 3.2% due largely to an increase in salaries for public officers.”
The more things change…
On another note why does it take >6 months to produce these figures? Why do we have to wait even longer for the annual GDP numbers?
If these were positive numbers it would have been.. “Well they are still riding the wave of OBA policies/fiscal prudence”
But Since it’s negative, it’s all the PLP’s fault!
So said so done ^^^^^^
It is never the PLP’s fault is it?
They rode the wave of what the OBA created for a few months, but they can’t do that forever. It’s not complicated.
We are starting the slide back into Recession and it will get worse next year when PLP levy $200,000,000.00 in NEW Taxes and Retail Sales continue their Post-AC35 Slump…
Don’t compare to 2017, compare to 2015/16. The outlook is grim but it will all be OK! We’ll soon have hundreds and hundreds of new highly paid fintech jobs! That reminds me, where is Wayne (Titty) Caines?