Douglas says he sees signs of recovery

This was one of the messages that Dr. Denzil Douglas, who is also the country’s Prime Minister tried to communicate last week during a national consultation on the economy.

Dr. Douglas told participants at the event on Thursday 16th October, that the recovery “…was evident by a 1.9 percent growth in real Gross Domestic Product (GDP), following four consecutive years of constraint in economic activity.”

According to Prime Minister Douglas, the expansion in the country’s GDP, resulted from growth in the tourism sector, particularly stay over arrivals and a strong rebound in construction activity.

“The construction sector was positively impacted by public sector construction activities such as major road and drainage work,” he said. “Added to that, various private sector projects, including the continuation of work on hotel and real estate development projects, also contributed to this.”

He stated that the inflation rate for 2012, was reduced to 1.4 percent from 7.1 percent in 2011, and expressed how happy he was where the fiscal side is concerned.

“On the fiscal side, I am happy to report strong performances of the consolidated overall and primary balances, that is, the fiscal out turn of both the Central Government and the Nevis Island Administration (NIA),” he said. “By the end of 2012, these balances exceeded the targets to which they committed under the International Monetary Fund (IMF) standby arrangement.”

Prime Minister Douglas noted that Citizen by Investment contributed greatly to positive fiscal results, as well as the Government’s own expenditure containment measures.  He emphasized, that the debt restructuring programme is indeed progressing, with the total disburse outstanding debt down to just about 100 percent of GDP at the end of September 2013.

“This was the position following the restructuring of some our bonds and loans,” he said. “Most recently, the impact of the first phase of the debt for land swap.”

Douglas says he sees signs of recovery

This was one of the messages that Dr. Denzil Douglas, who is also the country’s Prime Minister tried to communicate last week during a national consultation on the economy.

Dr. Douglas told participants at the event on Thursday 16th October, that the recovery “…was evident by a 1.9 percent growth in real Gross Domestic Product (GDP), following four consecutive years of constraint in economic activity.”

According to Prime Minister Douglas, the expansion in the country’s GDP, resulted from growth in the tourism sector, particularly stay over arrivals and a strong rebound in construction activity.

“The construction sector was positively impacted by public sector construction activities such as major road and drainage work,” he said. “Added to that, various private sector projects, including the continuation of work on hotel and real estate development projects, also contributed to this.”

He stated that the inflation rate for 2012, was reduced to 1.4 percent from 7.1 percent in 2011, and expressed how happy he was where the fiscal side is concerned.

“On the fiscal side, I am happy to report strong performances of the consolidated overall and primary balances, that is, the fiscal out turn of both the Central Government and the Nevis Island Administration (NIA),” he said. “By the end of 2012, these balances exceeded the targets to which they committed under the International Monetary Fund (IMF) standby arrangement.”

Prime Minister Douglas noted that Citizen by Investment contributed greatly to positive fiscal results, as well as the Government’s own expenditure containment measures.  He emphasized, that the debt restructuring programme is indeed progressing, with the total disburse outstanding debt down to just about 100 percent of GDP at the end of September 2013.

“This was the position following the restructuring of some our bonds and loans,” he said. “Most recently, the impact of the first phase of the debt for land swap.”

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