Economic growth sustained in first quarter of 2023, states Central Bank report
Report notes inflation remained elevated in the second quarter
The Central Bank of The Bahamas’ (CBOB) Quarterly Economic Review for June 2023 explained that during the second quarter of the year, the domestic economy continued on a positive growth trajectory.
The report, which was released yesterday, explained that the growth indicators continue to point to the country transition back to a pre-pandemic state.
“Tourism output continued to record robust growth, supported by healthy gains in both the high value-added air segment and sea traffic, as the demand for travel in major source markets persisted,” the report said.
“Further, a number of small to medium scale foreign investment projects, and ongoing public sector post-hurricane rebuilding works, undergirded activity in the construction sector.”
The CBOB explained that foreign arrivals grew by 45.2 percent to 2.4 million during the second quarter, beating 2022’s 1.7 million in a year-on-year comparison.
The report added that there was also a 55.3 percent expansion in sea arrivals to 1.9 million in the second quarter, when compared to last year’s 1.2 million passengers during the same period.
“Similarly, the high-value added stopover segment strengthened by 15.7% to 0.5 million, extending the rebounded outturn of 0.4 million visitors a year earlier,” the report said.
“Disaggregated by major ports of entry, tourist arrivals to New Providence rose by 37.7% to 1.1 million visitors, vis-à-vis the 0.8 million passengers in the year prior.
“The dominant sea component expanded by 54.4%, while air traffic increased by 13.4%. Likewise, visitor arrivals to the Family Islands advanced by 52.7% to 1.2 million, surpassing the 0.8 million gain in the corresponding period of 2022, on account of advances in sea passengers, by 56.6%; and air passengers, by 22.4%.
“Further, in Grand Bahama, the number of tourists grew by 46.4% to 0.1 million, slightly above the 90,663 passengers recorded in the comparable period last year, buoyed by strong gains in both the sea and air components.”
The CBOB report also explained that inflation remained elevated in the second quarter.
