Monthly Economic and Financial Developments (MEFD) Report July 2024

Published: Monday September 2nd, 2024

Preliminary indications are that during the month of July, the domestic economy continued to expand, although at a more tempered pace than in 2023, with gains reverting closer to their expected medium-term potential. The outcome reflected healthy, but moderated tourism growth, as the demand for travel from key source markets persisted. In price developments, average consumer price inflation—as measured by changes in the average Retail Price Index (RPI) for The Bahamas—decreased during the 12 months to May 2024, relative to the comparative 2023 period, owing to reduced price pressures for imported fuel and other goods and services. Monetary trends for July revealed a reduction in banking sector liquidity, despite the increase in domestic credit trailing the rise in the deposit base. However, external reserves grew, owing to net foreign currency inflows through the private and public sectors.

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