2017 First Quarter Gross Domestic Product
According to the Quarterly Gross Domestic Product [GDP] report released by the Department of Statistics, during the first quarter of 2017 quarterly GDP at current prices was estimated at $1,693.6 million, a 1.6% increase year-over-year.
The report said, “During the first quarter 2017, quarterly GDP at current prices was estimated at $1,693.6 million. This represented a 1.6% increase year-over-year. The main driver was a $27.8 million increase in gross capital formation.
“After adjusting for inflation, real GDP fell 0.2 per. Overall inflation for the 1st quarter, as measured by the implicit price index, increased 1.8%.
Charts extracted from the report
“Household final consumption increased to $810.2 million reflecting increased expenditure on accommodation and catering services. After adjusting for inflation, household consumption rose 0.3%.
“Government consumption increased 1.8% due mostly to higher expenditure on goods and services. After adjusting for inflation, government consumption grew 0.7%.
“Gross capital formation [i.e. investment in fixed assets] increased $27.8 million or 14.3% reflecting higher investment in machinery and equipment such as transport equipment. In real terms, gross capital formation advanced 15.7%.
“The net surplus on trade in goods and services decreased $23.7 million or 5.3%, due primarily to higher payments for imports of goods and services.
“Imports of goods and services, which have a downward effect on GDP growth, rose $36.6 million reflecting higher payments for imported goods as well as increased outlays for professional and management consultancy services.
“In contrast, receipts from the exports of goods and services rose $12.9 million due partly to increased tourist expenditure and revenue collected for government services provided to non-resident companies. In real terms, the net surplus on trade in goods and services decreased 9.5%.”
The Quarterly GDP Publication Q1 2017 report follow below [PDF here]:
For the next few years all the good data will be to the credit of the OBA. Best thing ever to happen to the PLP. What a relief to have someone else clean up your mess so you can start the nationalistic party again. Have fun while the going is good, and be grateful for the clean-up work of others.
Why do the graphs only show 4 years? Why not 10 years? What are they trying to hide?
GDP will be going down now.
The second quarter should be in the black at least
Boy am I gonna miss Bob!
Thank you Bob, we thought you were terrific, focused and right on the money…we give thanks and credit to you and the OBA for this turnaround. You did not deserve all the vitriol or to lose your seat, shame on those who sought to discredit your contribution to Bermuda, its economy and its people. And the turnaround will continue for 2-3 more quarters and the P “Hell” P will take the credit… good luck Bermuda after that.