Bahamas Minister of State for Finance Senator James Smith last week revealed that the country’s gross domestic product may for many years have been miscalculated, which could be responsible for a possible underestimation of the nation's economic growth.
Mr. Smith told the Senate debate on the 2004/2005 budget that the fact had come to light through a recent International Monetary Fund technical assistance mission to the jurisdiction.
As a consequence, Senator Smith pointed out that the error could have a knock on effect on a number of other important economic statistics including the government deficit and debt ratios, which in reality could be much lower than reported.
However, on the downside Smith cautioned that an upward revision of GDP data could mean that revenues as a proportion of GDP may be “far lower” than originally thought, leading to “increased urgency for strengthening revenue performance.”
Senator Smith indicated that the government will soon begin to produce the country’s economic figures, moving away from IMF statistical models.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment