Monthly Economic and Financial Developments (MEFD) August 2024

Published: Monday September 30th, 2024

Indications are that the domestic economy’s growth trajectory moderated during August, vis-à-vis the prior year, as economic indicators continued to trend closer to their expected medium-term potential. While tourism output recorded healthy gains, growth was more tempered when compared to the same period in 2023. In price developments, average consumer price inflation—as measured by changes in the average Retail Price Index (RPI) for The Bahamas—slowed during the 12 months to June 2024, vis-à-vis the corresponding 2023 period, due to decreased price pressures for imported fuel and other goods and services. In monetary developments, banking sector liquidity declined, as the expansion in domestic credit contrasted with the reduction in the deposit base. Further, external reserves decreased during the review month, largely due to net foreign currency outflows through the private sector.

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