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MEFD April 2017

Published Monday May 29th, 2017

Overview

Indications are that the domestic economy expanded mildly during April, supported by modest gains in the tourism sector, which benefitted from the hosting of a number of sporting and cultural events. Moreover, continued work on a number of varied-scale foreign investment projects, underpinned activity in the construction sector. Signs of increased domestic consumer demand, meanwhile, were evident from higher private sector spending on travel and imports, both for the month and on a year to date basis. This stronger internal demand paced moderately ahead of the improvement in the foreign exchange earnings sectors, influencing a more subdued seasonal accumulation in external reserves. Inflationary pressures remained well contained over the 12-month period ending March 2017, although short-term firming in international oil prices resulted in higher domestic fuel costs. In monetary developments, liquidity narrowed during the month; although external reserves expanded amid deposit base growth that contrasted with reduced Bahamian dollar credit.

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