2018/19 Budget Communication 2018_2019 BUDGET COMMUNICATION | Page 72

markets. Various foreign investment projects are expected
to continue to buoy the domestic construction sector. As
well, the full opening of Baha Mar should add to the more
buoyant growth impetus. We can thus anticipate yet further
improvements in labour market conditions in the period
ahead.
On the basis of these evolving trends, we expect
the rate of economic growth, in real terms, to increase from
the 1.4 per cent of 2017 to some 2.5 per cent this year and
2.2 per cent in 2019.
V. FISCAL PERFORMANCE IN 2017/18
I now turn to fiscal performance in the 2017/18
fiscal year.
At the time of the last Budget Communication, a
GFS deficit of $323 million was projected for the 2017/18
fiscal year. As I had mentioned at the time, since the Budget
69