Mid-Year Budget Communication 2017-2018 Mid-Year Budget Communication | Page 4

marginally between May and November of last year, it still
borrowing authority will
and November of last year, it still stood fully 1.5 percentage points lower than a
age points lower
than a year earlier. All of the islands
year earlier. All of the islands surveyed also posted lower rates of unemployment
wer rates of unemployment than had been experienced in
Mr. Speaker,
than had been experienced in November 2016.
Recurrent Expend
months of the current f
Mr. Speaker,
$994 million in the corre
for
the economy
in 2018
of
economy in 2018 Prospects
are for yet
further
strengthening
of are for yet further strengthening
with
real Conditions
growth estimated
at 2.5 percent. Conditions in this year was negatively
the labour
th estimated activity,
at 2.5 per
cent.
in the labour
administration reference
market are consequently also expected to improve. These developments will be
y also expected to improve. These developments will be
represents only 44.7 per
underpinned
by the
completion
of various
Baha Mar’s phased opening and
by various
mpletion of Baha
Mar’s phased
opening
and by
projects.
As the
well, we expect the growth compared to 50 per cent
of both the
ted projects. foreign
As well, investment-related
we expect the growth
of both
tourism sector and the national economy to be favourably impacted by stronger
national economy to be favourably impacted by stronger
Mr. Speaker,
projected growth in the U.S., our major trading partner. In its latest forecast, the
U.S., our major trading partner. In its latest forecast, the
Despite the 10 p
IMF has boosted its forecast for U.S. growth by 0.4 percentage points, to a level of
cast for U.S. growth by 0.4 percentage points, to a level of
amount spent on person
2.7 and
percent.
The confidence
increase in in
investor
and consumer confidence in the United
ease in investor
consumer
the United
of this year totalled
States – our most important trading partner - augers well for continued growth in
tant trading partner - augers well for continued growth in
corresponding period o
tourist travel to, and investment interest in, the Islands of The Bahamas.
estment interest in, the Islands of The Bahamas.
explained by the recent
million) and outstanding
Mr. Speaker,
contribution of the sa

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