News

Strong economic performance grows GDP by nearly 6%

Washy Misick Official

Shirlen ForbesProvidenciales, 17 Dec 2015 – Another strong report for the economy of the Turks and Caicos and this time it is coming from the Department of Statistics with the publication of a National Accounts Survey, which is now available online.

The Turks and Caicos is projected to nearly double financial growth as the GDP will increase by just under 6%.

The news comes from the Strategic Policy and Planning Department of the Ministry of Finance, its Acting Director Shirlen Forbes said: “This projected growth will be driven mainly by strong performance in the tourism sector and projected private sector investments worth more than $400 million dollars.”

The SPPD said the prognosis is made on the back of a surge in business in the wholesale and retail sectors thanks to the more robust tourism and real estate industries, government’s fiscal prudence in recent years and low internal and external debt.

While the hotel and restaurant sectors grew by 5%, the construction industry did suffer some with a dip of 3.5%.

Forbes, in that media statement issued Wednesday said a boom is coming for construction though, I quote: “This sector will be propelled by foreign direct investment in large-scale tourism related projects as well as revitalization of stalled projects…”

There was a warning too, that though the TCI GDP will grow, the economy is still fragile and is subject to “global health concerns, geopolitical tensions, adverse weather conditions and unavailability of external financing for private sector projects…”

There was a thank you from Shirlen Forbes who identified that the business community, public corporations and government agencies all assisted in the compilation of the National Accounts Survey; you can find the 69 page document in full at MagneticMediaTV.com.

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