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Central Bank July report indicates sustained recovery

The Central Bank of The Bahamas has released its monthly report on economic and financial sector developments in the jurisdiction. Growth in construction and uptick in tourism underpinned the domestic economy during July. 

Source:
Date:
Updated:
Central Bank of The Bahamas
Friday, September 9, 2011
Friday, September 9, 2011

The Central Bank of The Bahamas has released its monthly report for July on economic and financial sector developments in the jurisdiction.

Preliminary indications are that the momentum of the recovery in the domestic economy was sustained during July.

Anecdotal evidence on tourism sector performance suggests improved results, after a relatively slow start to the year. In addition to the main US market, where the group segment has shown signs of revival, sectoral improvements have been noted in the Latin American market, due to increased airline capacity.

Construction output continued to benefit from a stable contribution from public sector infrastructural investments, alongside foreign investment related projects, led by the commencement of the “core” phase of the Baha Mar mega resort project on Cable Beach, New Providence.

Central Bank monitors economic conditions as part of its monetary policy mandate, to assess whether money and credit trends are sustainable relative to levels of external reserves required to protect the value of the Bahamian dollar and, if not, the degree to which credit policies ought to be adjusted.

Download a PDF of the Central Bank’s Monthly Economic and Financial Developments Report July 2011 here.

International rating agency maintains The Bahamas' A3 bond rating, whilst downgrading the jurisdiction's economic outlook. The Bahamas government responds.

Survey conducted earlier this year gathered national data on employment in the jurisdiction. A PDF of the tables of the collated figures is available for download.

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