Mid-Year Budget Communication 2017-2018 Mid-Year Budget Communication | Page 3

is statement is to provide a succinct and punctual initial
The purpose of this statement is to provide a succinct and punctual initial
pments during the first half of the 2017/18 fiscal year. A
update on fiscal developments during the first half of the 2017/18 fiscal year. A
prehensive more
mid-year
detailed
fiscal and
update
comprehensive
will be presented
mid-year
to fiscal update will be presented to
ontribution to the debate on the mid-year statement and
Parliament during my contribution to the debate on the mid-year statement and
related resolution.
Mr. Speaker,
ng a brief overview of the nation’s economic performance
I begin by providing a brief overview of the nation’s economic performance
he immediate
and
relationship
prospects, between
given the the
immediate
country’s relationship
fiscal
between the country’s fiscal
volution of the
performance
domestic economy.
and the evolution
On that of
score,
the domestic
there
economy. On that score, there
at the Bahamian
are clear
economy
indications
has finally
that the
begun
Bahamian
to recover
economy has finally begun to recover
d of under-performance.
from its lengthy
Over
period
the of
four-year
under-performance.
period
Over the four-year period
6, the economy actually shrank in real terms, from $10.7
between 2012 and 2016, the economy actually shrank in real terms, from $10.7
billion to $10.2 billion.
Mr. Speaker
imated that the economy
However, recorded
I am pleased
real growth
to advise
on that
the present estimates indicate that the
2017. This economy recorded real growth on the order of 1.8 percent in 2017. This renewed
renewed buoyancy stemmed primarily from
ociated with ongoing foreign investment projects, as well
buoyancy stemmed primarily from construction activity associated with ongoing
the wake foreign
of the investment
hurricanes. projects,
While as the
well
rate
as rebuilding
of
work in the wake of the

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