As Minister of Finance, I am pleased to see concrete signs of economic recovery based on the 2017 economic data published by the Department of Statistics last week.

The growth in real GDP of 1.4% in 2017 is in line with previous forecasts made by the Government.

I am confident that when the full weight of the Administration’s policies takes hold, we shall continue the momentum of positive economic growth, reversing the chronic economic stagnation that had characterized the previous ten years.

The facts bear out that investor and consumer confidence is finally on the rise once again in The Bahamas.

The 13% growth in gross fixed capital formation is a positive indication that businesses are increasing their investment output and economic impact. The 9% increase in household consumption also confirms signs of the economic recovery.

While this represents a positive start on the road to recovery, it is far too early to declare victory in the transformation of the country’s economic fortune.

We still have much work to do – and tough decisions to make – to get our fiscal house in order and to reverse the persistent deficits and growth in debt that could derail any economic recovery.

We also have to quicken the pace of structural reforms and economic transformation if the Bahamas is to keep pace in an increasingly competitive modern global economy.

As such, the Ministry of Finance will continue to work aggressively to implement the Government’s transformational socio-economic growth agenda that will guide us over the next four years.

Throughout, we will be fully transparent and accountable to the people, and we will provide the good governance that Bahamians rightfully deserve.