MEFD September 2016Published Wednesday November 2nd, 2016
Despite signs of stability during the month of September, the passage of hurricane Matthew in the first week of October caused significant disruption in economic activity in The Bahamas’ two major economic centres, New Providence and Grand Bahama. North Andros also received considerable storm-related damage. The hurricane affected businesses through its adverse impact on property, lost electricity supply and communications, and other infrastructure damages. However, the majority of the hotel capacity in the New Providence was undamaged and work to complete the large-scale Baha Mar tourism project stayed on course. Significant recovery efforts have commenced, and initial estimates suggest that damages from the storm will exceed $600 million, with a large portion of the rebuilding costs being shouldered by the Government and the insurance sector.
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