Central bank: Employment growth as economy exhibits ‘positive trends’
The Central Bank of The Bahamas (CBOB) expects growth in employment as the economy continues to “exhibit positive trends” in the near-term as foreign investment-led construction activity continues and tourism sustains its growth.
The CBOB outlines this expectation in its Monthly Economic and Financial Developments (MEFD) report for February 2019, and also explains that while domestic inflation should remain “subdued”, the rate is expected to remain “mildly” elevated over the short term due to the effects of last year’s increase in value-added tax (VAT) and higher oil prices.
“Reflecting mainly the increase in the VAT rate, consumer price inflation — as measured by the All Bahamas Retail Price Index — rose by 75 basis points to 2.3 percent during 2018,” the report states.
“A breakdown by category showed that accretions to average costs accelerated for transport to 4.6 percent; restaurants & hotel, to 4.1 percent and recreation and culture, to 2.9 percent. Similarly, gains in prices were also recorded for food & non-alcoholic beverages (2.4. percent); housing, water, gas & electricity, the largest category (2.4 percent); and healthcare (2.1 percent). In contrast, the average cost of communications declined by 1.4 percent, while less pronounced declines were registered for the clothing & footwear and education categories.”
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