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Central Bank report: tourism, FDI bolster Bahamas economy

Central Bank's Monthly Economic and Financial Developments Report for June 2011 says that first two quarters results show sustained growth. One-off revenue gained from sale of government asset bolsters the bottom line. 

Source:
Date:
Updated:
Central Bank of The Bahamas
Tuesday, August 9, 2011
Tuesday, August 9, 2011

Increased tourism combined with a rise in foreign direct investment (FDI) is helping to sustain The Bahamas economy, according to the latest report from The Central Bank of The Bahamas.

Despite anemic economic conditions worldwide, The Bahamas has shown sustained growth in the first half of 2011, in part due to an increase in foreign investment, which includes the government’s sale of its 51 per cent stake in the Bahamas Telecommunications Company in April.

Investment in public infrastructure is also a contributing factor, with related spending reaching $12.2 million, according to the Central Bank’s Monthly Economic and Financial Developments Report for June 2011.

Growth was also seen in the tourism sector in the early part of the year, as it benefitted from an increase in stopover visitors and higher hotel revenues. In April 2011, air arrivals increased by 2.8 per cent, while the number of sea visitors rose 19.2 per cent.

According to the Central Bank report: “Amid an improved outlook for tourism output and foreign investment activity, the recovery in the domestic economy is expected to be maintained over the remainder of the year.”

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

The number of women in the workforce has increased, particularly in New Providence, according to Department of Statistics figures released today. Unemployment rate stands at 13.7 per cent.

Relocated, $70-million freight port will cover 56 acres on Arawak Cay and comprise of administration offices and warehouse facilities. In October, $8 million in shares in the Arawak Port Development Ltd will be offered to the public.

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