Over 2% GDP growth projected this year, no new taxes — Premier

A Gross Domestic Product (GDP) growth of more than two percent is projected for 2019 even though government has promised not to introduce new taxes this year.

Premier Andrew Fahie made the projection during his budget address in the House of Assembly on Tuesday.

“Our physical strategy anticipates increased revenues through improved collection of taxes and fees. [But] we will not stifle our recovery by introducing a host of new taxes and measures,” Premier Fahie said.

“Instead, we recognise the risk to our economy and revenue base, especially financial services. We have thus begun to prepare options for responding to economic and fiscal shorts. We strongly believe we will be able to meet our target for revenue, expenditure and debt without putting an additional undue burden on the people of this territory,” he added.

The Premier further said the territory’s projections for revenue, expenditure, and debt recognises that it is imperative to invest in public infrastructure and human resource development; particularly BVIslanders.

“With increased investment in public services and infrastructure and full recovery of our tourism sector expected to be achieved by the 2019/2020 tourist season, we anticipate real GDP growth of 2.2 percent in 2019,” he said.