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MEFD November 2011

Published Friday December 23rd, 2011

Preliminary data for the Bahamian economy suggests a continuation of the mild recovery momentum during November, with construction output supported by both foreign investment and public sector infrastructure projects, and tourism activity benefitting from holiday travellers. Against this backdrop, and the persistence of high employment levels, the monetary sector outcome continued to be characterized by robust levels of bank liquidity, relatively mild private sector credit expansion and high loan arrears. The external reserves position contracted, in line with the seasonal—although muted—firming in consumer demand towards the end of the year, but was sustained at levels in excess of the year-earlier period. Indications are that the overall fiscal deficit for the first four months of FY2011/12 registered some improvement, linked to gains in tax receipts, while average consumer price inflation exhibited a moderate firming bias in November.

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