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Economy records real growth of 1.8 per cent in 2017

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NASSAU, The Bahamas — February 21, 2018 – The Deputy Prime Minister and Minister of Finance the Hon. Peter Turnquest said that present estimates indicate that the Bahamian economy recorded real growth on the order of 1.8 per cent in 2017. 

 “This renewed buoyancy stemmed primarily from construction activity associated with on-going foreign investment projects, as well as rebuilding work in the wake of the hurricanes,” DPM Turnquest said as he presented fiscal developments during the first half of the 2017/18 fiscal year in the House of Assembly, Wednesday, February 21, 2018.  

The DPM said he would present a more detailed and comprehensive mid-year fiscal update to Parliament during his Contribution to the Debate on the Mid-Year Statement and related resolution.

He explained that before this renewed buoyancy, during the four-year period between 2012 and 2016, the Bahamian economy actually shrank in real terms, from $10.7 billion to $10.2 billion.

DPM Turnquest also noted that while the rate of unemployment did rise marginally between May and November of last year, it still stood fully 1.5 percentage points lower than a year earlier.  All of the islands surveyed also posted lower rates of unemployment than had been experienced in November 2016.

The DPM also noted that all of the islands surveyed posted lower rates of unemployment than had been experienced in November 2016.

He said prospects for the economy in 2018 are for yet further strengthening of activity, with real growth estimated at 2.5 percent. 

“Conditions in the labour market are consequently also expected to improve. 

These developments will be underpinned by the completion of Baha Mar’s phased opening and by various foreign investment-related projects.” 

He said there is also expected that growth in both the tourism sector and the national economy will be favourably impacted by stronger projected growth in the U.S., The Bahamas’ major trading partner. 

“In its latest forecast, the International Monetary Fund has boosted its forecast for U.S. growth by 0.4 percentage points, to a level of 2.7 per cent.” 

He said the increase in investor and consumer confidence in the United States augers well for continued growth in tourist travel to, and investment interest in, the Islands of The Bahamas.

Press Release BIS, Llonella Gilbert

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Bahamas News

GBPA’S STATEMENT IN RESPONSE TO THE ADDRESS OF PRIME MINISTER PHILIP DAVIS AT THE G.B. CHAMBER’S BUSINESS MEETING ON MONDAY, MAY 6TH, 2024

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The Grand Bahama Port Authority has taken note of calls from our licensees, the residents of Grand Bahama and several current investors for a response to Monday’s address by Prime Minister Davis.

We take this opportunity to once again reassure these valued stakeholders that GBPA remains laser-focused on the task at hand. We are working every day to deliver the $2B-plus of investments which the GBPA Group of Companies, through its affiliates, either initiated, is invested in, or is contractually involved in creating, and was instrumental in bringing the investors to the table.

At the same time, it is important that GBPA corrects any inaccurate, incomplete or selective representations regarding matters that impact our stakeholders. In the near future, therefore, GBPA intends to host a live event with its stakeholders to ensure that all the matters discussed in the public domain are placed in their proper context and the historical record is set straight.

In the meantime, we encourage our stakeholders to remain confident in the resilience and potential of Freeport, and in our pledge to continue working diligently to see a prosperous future for Grand Bahama.

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Bahamas News

Bahamas economic growth

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Rashaed Esson

Staff Writer

The Bahamas’ economy is in good standing according to reports from the Bahamas National Statistical Institute which released the Quarterly Gross Domestic Product Series. They indicate that quarterly GDP trends for 2023 saw increases compared to 2022, a sign of recovery from the Covid 19 pandemic.

The most significant increase was 9.9 percent in the first quarter of 2023, and the industries responsible for the growth include Accommodations and food, construction and Arts.

 

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Bahamas News

RBC appoints new Country Manager and Area Vice President for Turks & Caicos 

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RBC Royal Bank (Bahamas) Limited (“RBC”) is pleased to announce the recent appointment of Kerryl-Lyn King-Henry as Country Manager and Area Vice President (“AVP”), Personal and Commercial Banking, Turks & Caicos Islands (TCI).

In her new role as Country Manager and AVP, King-Henry will take on full responsibility for the bank’s operations, strategy, and development in the TCI market, with a strong focus on solidifying partnerships with the Government, regulatory bodies, and the local community.

King-Henry brings to the role a dynamism influenced by nearly 25 years of industry experience. Prior to her new appointment, she served as AVP of Business Banking in Trinidad and Tobago. She has held progressively senior roles within both personal and commercial banking, as well as various functional units.

King-Henry holds a Master of Business Administration (MBA) degree, with a specialization in Leadership, FinTech and Big Data Analysis, in addition to a Bachelor’s Degree in Business Administration. Further enriching her professional profile, Kerryl-Lyn is a certified John C. Maxwell Coach, Trainer, Teacher, and Speaker. Her passion for leadership and development is matched by her commitment to community service, as she actively volunteers her time and leverages her professional expertise to mentor and support others. “

Kerryl-Lyn’s extensive experience and proven leadership capabilities make her the perfect choice to lead our operations in the Turks & Caicos Islands,” said Ericka Rolle, RBC’s Managing Director and Vice President, Personal Banking, The Bahamas and TCI.

“Her commitment to excellence, combined with a genuine passion for community engagement, aligns perfectly with our Bank’s purpose of helping clients thrive and communities prosper. We are excited to see the positive impact she will undoubtedly bring to her new role,” she added.

 

 

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