Q1 2016: Quarterly GDP Estimated at $1,643.7M
According to the Quarterly Gross Domestic Product [GDP] report released by the Department of Statistics, during the first quarter 2016, quarterly GDP at current prices was estimated at $1,643.7 million, which represented a 0.6% increase year-over-year.
The report said, “During the first quarter 2016, quarterly GDP at current prices was estimated at $1,643.7 million. This represented a 0.6% increase year-over-year.
“The main drivers were a $29.2 million increase in household consumption and a $21.5 million increase in construction. In contrast, a $21.6 million rise in payments related to imports of goods and services contributed negatively to GDP growth.
“After adjusting for inflation, real GDP fell by 0.6%. Overall inflation for the 1st quarter, as measured by the implicit price index, increased 1.2%.
“Household final consumption increased 3.8% reflecting greater expenditure on food purchased in stores and restaurant services. After adjusting for inflation, household consumption rose 2.4%.
“Government consumption marginally increased 0.8%. After adjusting for inflation, government consumption recorded no growth.
Charts extracted from the report
“Gross capital formation [i.e. investment in fixed assets] increased 6.1% as higher investment was made in construction, particularly residential construction and refurbishment of commercial space. In real terms, gross capital formation advanced 4.2%.
“The net surplus on trade in goods and services fell $31.9 million or 6.9%, due mostly to higher payments for imports of goods and services.
“Imports of services increased $11.4 million reflecting higher payments for telecommunications services and reinsurance. Imports of goods rose by $10.2 million attributed mostly to imports of iron and steel.
“Exports of services fell by $9.1 million as fewer fees and commissions were received by financial institutions from non-residents. In real terms, the net surplus on trade in goods and services decreased 8.7%.”
The Quarterly GDP Publication Q1 2016 report follow below [PDF here]:
Read More About
Category: All, Business, News, Politics
In other words barely treading water without much left in reserve – we have been betrayed by self important idiot politicians on all sides and don’t even get me started about the bankers.
what you going to do about it?
Before the PLP took control of our island, our annual GDP was 4.5 billion, as listed on the FBI database. Now, after the PLP has ruined our island, we are left with one THIRD of what we used to achieve under the UBP.
Thank you PLP for destroying our island so bad, that even our future generations will be raised in a poverty-stricken third world. Congratulations on achieving your secret agenda, PLP, which was to leave our island a waste so your minions could take over.
and yet they still think they can save us…. definition of insanity… doing the same thing over and over again and expecting different results…. they just want us to leave so they can have their impoverished rock to themselves
Quarter like 25 cents, like 1 out of 4, like 1.6437B × 4 = ~6.4B for the year.
Enough of this political racially motivate hate against the PLP.
Really, what’s is the OBAMA doing for Bermuda s and Bermuda? ??
Please enlighten me…..
No, we’re not. GDP has grown. This is the quarterly GDP.
Al Capone made this much per year when he was in business (historical inflation considered), and that is one man. And he did not run insurance companies and all our international business. Amazing to think one man could produce as much wealth as our whole nation in modern times…
GDP up. Tourism numbers up.
PLP spin and rhetoric is about to go through the roof to deflect from all this.