Domestic economic developments for the month of September were dominated by the passage of Hurricane Dorian, which resulted in a falloff in tourism relative to an average monthly strengthening during the first eight months, according to The Central Bank of The Bahamas‘ monthly economic review.

Nonetheless, positive impulses to construction output from foreign direct investment projects were sustained, with contributions from the domestic sector likely to increase as post-hurricane rebuilding efforts intensify.

Further, domestic energy costs firmed in the 12 months to July, reflecting the pass-through effects of the previous-year’s increase in the value added tax (VAT) rate.

In the monetary sector, bank liquidity expanded during the review month, as the rise in total deposits outpaced the growth in credit, while external reserves grew amid foreign currency inflows from reinsurance receipts and to a lesser extent from real sector activities.

Read the full report and a presentation by Central Bank here:

• Monthly Economic and Financial Developments September 2019 (2MB)
• Quarterly Economic and Financial Developments Report September 2019 (1MB)