2018/19 Budget Communication 2018_2019 BUDGET COMMUNICATION | Page 71

merchandise trade deficit of roughly one quarter of a billion
dollars to $2.4 billion, with non-oil imports expanding by
$160 million, largely in respect of capital equipment for
foreign investment projects and for hurricane-related
construction work. The surplus on the services account fell
by $120 million to a level of just under $1 billion.
The
external
borrowing
activities
of
the
Government impacted the capital and financial account of
the Balance of Payments last year, with the surplus rising by
over $1 billion, to just over $1.6 billion. Net private loan
inflows also grew by $211 million to $722 million. Net
direct investment inflows totaled $74 million.
As for economic growth prospects, expectations
are for continued strengthening of the momentum underway,
with further gains by the tourism sector on the basis of
sustained expansion in the U.S. and other key source
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