MEFD April 2024

Published: Monday June 3rd, 2024

During the month of April, indications are that the domestic economy’s growth trajectory persisted, albeit at a slower pace in comparison to the previous year. Economic performance indicators continued to converge closer to their expected medium-term potential. Tourism output remained buoyant, bolstered by healthy expenditure paced gains in the high value-added air traffic component and boosted sea passenger volumes, given sustained demand for travel in key source markets. In price developments, average consumer price inflation—as measured by changes in the average Retail Price Index (RPI) for The Bahamas—moderated during the 12 months to February 2024, reflective of a decrease in global oil prices, compared to the same period in the prior year. Monetary trends for the month of April were marked by a buildup in bank liquidity, despite the reduction in domestic credit trailing the falloff in the deposit base. Further, external reserves increased, largely attributed to net foreign currency inflows from the private sector.

For full text reading, please download the attached document.