2018 First Quarter Gross Domestic Product

September 25, 2018

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

CURRENT ACCOUNT

“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]:

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Comments (9)

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  1. Double S says:

    More good news.

    Keep ‘em coming PLP!

  2. question says:

    They seem to have wasted no time in screwing up the economy.

    The one thing that’s up is Publlc Employee salaries. How predictable.

  3. Politricks says:

    “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…

  4. Politricks says:

    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?

  5. mixitup says:

    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 ^^^^^^

    • Double S says:

      It is never the PLP’s fault is it?

    • question says:

      They rode the wave of what the OBA created for a few months, but they can’t do that forever. It’s not complicated.

  6. Rocky5 says:

    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…

  7. red rose says:

    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?