While Prime Minister Roosevelt Skerrit has projected that the Dominica’s Gross Domestic Product (GDP) is expected to see growth by 2.4 percent in 2015, he opines that greater diligence and productivity is key to realizing more growth.
GDP is usually used to measure the economic performance of a country.
“We estimate that in 2014 Dominica’s GDP grew by 1.1 percent led by non-banana agriculture and tourism,” he said. “It is expected that growth in 2015 will be 2.4 percent led by construction, tourism and agriculture. Since the elections of 2014, government has made it clear that for the economy to grow faster there must be a greater diligence in the implementation of public sector projects and productivity must increase in both the public and the private sectors.”
He was addressing the media moments before he met with members of the Dominica Association of Industry and Commerce (DAIC), Dominica Hotel and Tourism Association (DHTA), union representatives, among others for a pre-budget consultation held at the Ministry of Finance conference room on Wednesday 29th April 2015.
According to Skerrit, the presentation for the 2015 budget is being done in very much the same context of the recent years in which small states, like Dominica, continue to feel the impact of global challenges.
“Government has in the past taken action that we hope would have encouraged the private sector to invest more,” he said, pointing out that in the 2014 budget, a number of measures were announced and “all of which have been implemented.”
Among measures, he noted, was the reduction in personal and corporate income tax, increase in exemptions for mortgage interest and a special tax deduction for firms which created new jobs.
He added that since then government has made approaches to partners for low cost financing and in the not too distant future, the Dominica Agricultural and Development Bank (D-AID) Bank should be in a position to offer new loans at concessional interest rates.
The Prime Minister mentioned that government has continued to pursue foreign investment and it has received up to five submissions for financing under the Citizenship by Investment Program (CIP) and from the preliminary assessments of these proposals, at least three of them “seem promising.”
The 2015-2016 budget is expected to be presented before June.
During the presentation of the 2014-2015 national budget last year, the Prime Minister had stated that estimates show that the economy would grow by 1.5 percent in 2014.
God will give you all something to talk about one day keep complaining and critizing.
Yes! The economist have spoken? GDP at 2.4% growth? Not even pastor Bull prayer will help us.
I would like to know how Skerrit arrives at the figure of growth for the GDP of 2.4%. Everyone with a little knowledge of economics would have to doubt this figure. Where is the growth supposed to come from, agriculture, tourism, manufacturing? Tell us…you must know more than we do. My estimate and this is a very generous one is at most 0.5%.
Maybe just maybe one of these days you will tell us that you and your goverment has failed us miserably. You have wasted 15 years and counting and all you have to show for is a country and a local economy on its knees, a total lack of vision and a sick society without hope and values. By the way, you predicted a 3-5% increase of GDP during your election campaigning. What was all that about? Was it a simple math error, or has the global economy (you like to use that as an excuse) worsened even more or was it just another lie??
The effect of low economic activity is net migration to “greener pastures” as is seen with our -0.3% annual population growth rate. Is there a relationship… why don’t we asked these Eastern European countries like Ukraine (-0.7%), Serbia (-0.3%), Belarus (-0.5%), Croatia (-0.2%), Hungary (-0.2%), Estonia (-0.2%), Russian Federation (-0.3%), Moldova (-1.4%), Latvia (-0.6%). Are we getting the picture.
How will we realize economic growth when according to the WHO 2014 alcohol and health report, we are the only country in the Americas with a negative (-0.3%) annual population growth rate. Low population = low economic activity = low circulation of money.
It is time to open your eyes and brains to occurrences under your nose and that of others. Some people talk and criticize without thinking of the cause of a stagnant population and/or decrease in same.
You should approach Planned Parenthood for the answer. The Head Office is in the US. First ask its management why such an office was opened in D/ca. What are their motive and goal?
It is probably approved and subsidized by WHO and the UN. Do not blame the population decrease solely on the government or migration.
Some people live in ignorance of the truth that, Planned Parenthood is a suppressor of childbirth. Their aim is obviously to suppress the population. Imagine in D/ca with its few thousands of people they would do this.
Suppress the population, provide contraceptives to women, encourage men to do likewise and in the long run you will have a zero population growth which is bad for the economy. People soon pay for ignorance and negligence.
“We ESTIMATE that in 2014 Dominica’s GDP grew by 1.1 percent led by non-banana agriculture and tourism,”… what are the ACTUAL figures coming from the Min of Finance and CSO.. Budget less than a month and we still talking estimate.. are the responsible offices still putting the figured together or what.
I see u renting your building to Government boy
And you Jealous!!!!!!!!!
Build yours nah for Government to rent too!!!!!!!!!!
The government is the best tenant to rent to.
There are factors which determines economic growth,and as a lay man I am not seeing such projections.
Some talk of economic growth and want economic growth. Should they not ask themselves what are they and some others doing to assist economic growth in their country?
Too many depend solely on the government. You want to see something done and you want something. What is your intention to assist economic growth?
so the election promise to grow the economy by 3 to 5% was a lie; because UWP say they could grow it by so much and create 5000 jobs in three years all you jump up to say the same thing using different style now you coming with growth of 1.2 and 2.4% boy all you play fooling people all the time nuh.
Should the election results proved otherwise, I would have loved to see the economy grow by what you stipulated and the number of job creation. This would have been impossible to achieve. Who would be fooling whom?
what is growing is their heads their necks and their accounts.
Is Skerrit so shameless to even mention the word agriculture? Skerrit the demise of agriculture is something that took place under the regime which you head sir. Its a reckless, feckless and incompetent regime that will soon crumble.
Stfu… a 2.4 growth of your personal portfolio not the economy. You cannot expect growth when a large cross section of the population are unemployed, when the country’s major growth engines are producing NIL!!!, and the country running on the charity of China given we still have to pay the interest on the Chinese loans.
Stupessssssssssssssssssssssssssssssssssssss. utterrubish (one word)
MISTER DOH EASY EH, how can you increase your GDP when manufacturing export is non-existent, agriculture exports are dead we import everything to Dominica even dogs, caviar and and 1500us dollars suits….\
how can you grow anything….. dumbincans are really dumbincans
A lot of talk and no action. You could help the economy grow by pulling your weight and starting something worthwhile which will generate funds.
Based on projected data, as used by the P.M. we come 8th. out of 11 Caricom/OECS countries listed by the IMF in their 2014 GDP per capita report: Regional world rankings ( out of a total of 187 countries) as per the IMF report:
Trinidad&Tobago 36, Antigua & Bermuda 56, St.Kitts & Nevis 57, Suriname 71, Barbados 73, Grenada 90, St. Lucia 94, Dominica 99, St. Vincent& the Grenadines 100, Jamaica 107, Guyana 120, Haiti 168.
More tablets/pills to swallow.
They should do you good.
What are de indicators that would enable our economy to see dat 2.5%.
i see u mention de 1.1% growth last year…led by non-banana crops and tourism.
Alas..
So this year i expect that de leading indicators in our economy will again be agriculture and tourism.
I notice agriculture before tourism.
Bananas not in dat.
Moroccan Hotel failed.
No Hotel anywhere near Airport to facilitate night landing.
No projects last year.
Not road nor feeder road up to this point.
Gardahkan hasn’t started work….lack of funds
We entering de month of May skerrit.
WHERE ARE DE INDICATORS!
WHICH PART OF DE ECONOMY!
HALF DE YEAR PRACTICALLY GONE!!
De Rosalie link road..no end in sight.
Feeder roads?..when?
NEP can’t make a dent in de workforce.
WE DOMINICANS NO LONGER BUY THIS.
YOU ABUSE OUR INTELLIGENCE.
YOU TAKE US FOR FOOLS.
WHEN LAST YOU WALK ON DE STREET LIKE A NORMAL DOMINICAN.
you live in your own world….inside your head!!!
Better late than never,but we should be talking 6 per cent growth minimum. 2.4 per cent is a joke,more jobs for all in Dominica we should be talking about a booming economy now and attracting the best of the best in the Caribbean region . International airport,when?
Grell WELL THANK YOU! I LIKE IT I REALLY LIKE IT! Everybody in this God forsaken place struggling but you there talking about economic growth. Growth where must be in goo goo gaa gaa ass.
Some people put the blame where it does not belong. You call Dominica a God-forsaken place? I would think it would be your home instead. When last have you genuinely worshiped God, prayed with a fervent heart for especially your country and other nationals?
+/- 2.4% positive growth in 2015…..I’ll take that vs the alternative.
Would be interesting to see how Dominica stacks up against our system islands in the region, 2014 totals and 2015 projections.
Did you mean “sister” islands?
The only growth I see around is the white hair on people’s head.
This is because they are growing old; have aged.
It has absolutely nothing to do with the economy. Furthermore, some people create anxiety and stress for themselves and with their false imaginings. They do not focus on their priority, as on God and pray to him who will help them.
If you want something as economical progress, you have an obligation to do something about it.
Our Lord said, “Apart from Me you can do nothing.” Nothing permanent is achieved otherwise.
Skerrit please and you stopped the Lindo PARK project,and what tourism and agriculture are you talking about.Agriculture is dead my friend,you have been killing it for the past 15 years.
Grell when last you pass by the Roseau Market? Everyday have Market now we, how is it dead?
Are you for real? Latina is always at the market <you can find her everyday.