Economic growth down to 0.4% in 2016

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Economic growth down to 0.4% in 2016

PHILIPSBURG - The Department of Statistics released on Thursday its preliminary estimate of real growth, at 0.4% for the year 2016 and final estimate of 0.5% for 2015. This is the second year running that real economic growth has remained under 1 percent, with a slightly worsening position in 2016 than the year before.

STAT’s methodology focuses on both the production and expenditure approaches of GDP; where on the production side, overall, gross value added slowed down compared to 2015, but yet showed a minimal increase in both the Non-financial and Government sectors.

Important to note, is that the 2016 estimate is based on provisional figures and are subject to revision once final figures become available. After a contraction of the financial intermediation sector in 2015, preliminary figures show an improved performance in 2016 by some 7%.

In nominal terms, economic activities expanded from Ang. 1,909 million in 2015 to 1,919 in 2016. Performance across industries show mixed results with ‘Hotels & Restaurants’ and ‘Transport, Storage & Communications’ leading the increase in gross value added by 3.7% and 1.4% respectively.

However other major industries such as Trade (-0.2%), Construction (-3.2%) and Real Estate, Renting and Business activities (- 0.1%) all saw a drop in gross value added during 2016.

When looking at GDP by expenditure in constant prices, an increase is recorded in final consumption expenditure driven mainly by growth in household consumption, while exports and imports declined by 2.6 and 1.8 percent respectively.

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