2017 GDP growth
slows to 0.6 percent

Improvement recorded in hospitality

services and agriculture

The real GDP growth rate slowed to 0.6 percent in 2017 from 1.6 percent in the previous year, according to the ‘National Accounts’ report recently released by the Central Administration of Statistics (CAS). The GDP at current market prices for 2017 is estimated at $53.4 billion.

The growth rate comes lower than estimates by the World Bank and the International Monetary Fund (IMF).



Growth was mainly driven by an increase in household spending on final consumption, which has led to a rise in imports of goods, CAS said in its report.

According to the report, sectors that witnessed growth include hospitality services, agriculture, and personal and community services. The added value of the hotel and restaurant sector increased nine percent while the agriculture and forestry sector grew 15 percent.

The sectors that recorded declines included financial services, water supply and waste management, and construction. The value added of the financial sector fell six percent in 2017 following an upsurge of 18 percent in 2016.