And in terms of Gross Domestic Product, in the fourth quarter of 2024, the economy grew by 7.1%. SIB reports that this growth is due to strong performances in the tertiary sector activities. Statistician II, Christopher Hulse explained more.
Christopher Hulse, Statistician II
"Goods and services produced in the fourth quarter of 2024 total $1.43 billion. This is an increase of $94.49 million or 7.1% when we compare it to the fourth quarter of 2023 which was 1.33 billion dollars. Looking at the 1.4 billion, we can see how that is spread across the three sectors and taxes, primary contributed 157.8 million out of that 1.43 billion then secondary 170.3 million, tertiary 907.2 million, then taxes 190.2 million."
"Since we have the fourth quarter, we can generate a preliminary estimate of goods and services produced in the year 2024 and that is giving us a total of 5.54 billion dollars, an increase of 417.6 million dollars of 8.2% when we compare it to the annual GDP of 2023 which was at 5.12 billion dollars."
"We stated that the growth rate was 7.1% and we can see how each industry contributed to that 7.1% and we can highlight that the 3 biggest drivers for this quarter was accommodation and food service activities, transportation and wholesale and retail trade."
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