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MEFD March 2017

Published Monday May 1st, 2017

Domestic economic activity was mildly improved during the review period, as work on foreign investment projects and to a lesser extent post-hurricane rebuilding activity, supported more construction sector output than in 2016; however, indications are that tourism performance was soft. Domestic energy costs fell marginally during March, but firmed significantly when compared to the same month last year, reflecting the gradual uptrend in global oil prices. With the cumulative setback from Hurricane Matthew still dominating, the fiscal deficit widened over the seven months of FY2016/2017, reflecting increased expenditure, combined with marginally lower revenue receipts. Monetary developments featured a modest decline in liquidity during the month, as the deposit base drawdown exceeded the falloff in Bahamian dollar credit; however, external reserves firmed marginally.

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