Published May 30, 2018 at 8:00 am (Updated May 29, 2018 at 10:00 pm)
-
Economic indicator: the island’s gross domestic product rose in the last three months of the year. Figure one shows GDP adjusted for inflation (Graphic by Department of Statistics)
Bermuda ended 2017 with a gross domestic product of $1.14 billion for the final three months of the year, after being adjusted for inflation. This was the estimated figure based on constant prices and represents a 1.4 per cent increase, year-on-year.
GDP is a broad measurement of overall economic activity, and is the monetary value of all finished goods and services produced with a jurisdiction’s borders.
The main contributor to the GDP increase was a $7.7 million rise in final consumption expenditure, according to a bulletin issued by the Bermuda Government’s Department of Statistics.
When measured in current prices — that is with inflation — Bermuda’s GDP for the fourth quarter was up 2.5 per cent compared to the same period in 2016.
After adjusting for inflation, household consumption was $651.7 million, up 1.4 per cent.
Gross capital formation, that is the investment in fixed assets, increased $1.6 million, or 0.9 per cent. This reflected greater investment in machinery and equipment such as vehicles and industrial machinery. However, capital formation related to construction was down 1 per cent.
The net surplus on trade in goods and services increased $6.5 million or 5.2 per cent, 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.
http://www.royalgazette.com/business/article/20180530/islands-gdp-up-14Bagikan Berita Ini
0 Response to "Island's GDP up 1.4%"
Post a Comment