Monthly Economic and Financial Developments (MEFD) November 2025
Published: Monday December 22nd, 2025
Domestic Economic Developments
Overview
Indications are that during the month of November, the domestic economy’s tempered pace of growth persisted, relative to the corresponding period in 2024, with key economic indicators converging closer to their medium-term potential. Although tourism continued to register healthy growth, inflows remained tempered by subdued performance in the high-value-added stopover category, given constrained accommodation capacity and softer demand from the United States market. However, healthy gains persisted in the cruise sector. In labour market developments, the unemployment rate declined in the second quarter of 2025, compared with the first quarter, bolstered by a reduction in the number of unemployed persons. With regard to prices, average consumer prices posted a marginal decline over the 12 months to July 2025, in contrast to upward movements over the same period last year, mainly reflective of a decrease in fuel and energy-related costs of goods and services. Monetary trends for November were marked by a buildup in banking sector liquidity, despite an expansion in domestic credit, which outpaced the accumulation in the deposit base. However, external reserves decreased during the review month, reflective of net foreign currency outflows through the private and public sectors.
Real Sector
Tourism
Initial data revealed that tourism output continued to grow during the review month, although at a more moderate pace, as the stopover segment still faced headwinds, such as accommodation capacity constraints and decreased demand from the US sourced market. Nonetheless, the cruise segment remained buoyant.
Official data from the Ministry of Tourism indicated that total arrivals grew by 18.4% to 869,002 in October 2025, vis-à-vis the corresponding period in 2024. The outturn was largely attributed to a 20.8% growth in sea passengers to 786,457. Conversely, air traffic declined by 0.9% to 82,545.
A breakdown by major port of entry showed that total arrivals to the Family Islands rose by 15.6% to 0.4 million visitors, relative to the comparative 2024 period. Specifically, sea passengers expanded by 16.3% to 404,085, overshadowing the 4.6% falloff in air passengers to 10,530. In addition, arrivals to Grand Bahama strengthend to 135,143 from 27,605 visitors a year earlier, primarily due to a rise in sea traffic to 131,116 from 24,487 passengers in 2024. Likewise, air traffic was higher by 29.2% at 4,027. In contrast, visitors to New Providence decreased by 8.2% to 319,244, explained by a 9.9% reduction in sea passengers to 251,256 and a 1.6% falloff in air passengers to 67,988.
On a year-to-date basis, total arrivals grew by 9.5% to 10.0 million visitors through October. Contributing to this outcome, sea arrivals expanded by 11.6% to 8.6 million. However, air arrivals reduced by 1.9% to 1.4 million.
The most current data from the Nassau Airport Development Company Limited (NAD) showed that total departures—net of domestic passengers—were relatively unchanged at 113,763 in November, vis-à-vis the same period in 2024. In particular, non-US international departures grew by 14.9% to 21,533, relative to the comparative 2024 period. However, US departures decreased by 2.9% to 92,230. On a year-to-date basis, total outbound traffic fell by 2.2% to 1.5 million, owing largely to a 3.4% decline in US departures to 1.2 million. In a slight offset, non-US international departures rose by 5.4% to 0.2 million.
In the short-term vacation rental market, AirDNA data showed that in November, total room nights sold declined by 0.4% to 48,288, compared with the prior year. Correspondingly, the occupancy rates for both entire place and hotel comparable listings fell to 47.0% and 47.4%, respectively, from 49.2% and 47.8% in the prior year. Meanwhile, the average daily room rate (ADR) for entire place listings increased by 7.9% to $455.53, relative to the previous year. However, the corresponding rate (ADR) for hotel comparable listings declined by 9.1% to $154.76, vis-à-vis the same period last year.
On a year-to-date basis, total room nights sold increased by 5.3%, supported by gains in entire place listings (5.6%) and hotel comparable listings (4.7%). Moreover, the average daily room rate (ADR) for entire place listings moved higher by 5.1%; however, the rate for hotel comparable listings declined by 2.7%. Meanwhile, the occupancy rate for both entire place listings and hotel comparable listings fell by 2.8% and 3.1%, respectively.
Employment
Based on quarterly data compiled by the Bahamas National Statistical Institute, labour market conditions improved in the second quarter of 2025, vis-à-vis the first quarter. The unemployment rate decreased to 9.3% in the review quarter, from 10.8% in the previous quarter, although still was higher than the 8.7% in the same period last year. In particular, the number of employed persons rose to 218,620 in the review quarter, up from 214,725 in the preceding quarter and 213,210 in the comparable 2024 period. Meanwhile, the youth unemployment rate decreased by 0.6 percentage points to 20.3%, in comparison to the first quarter of 2025.
A breakdown by island showed that the jobless rate in New Providence was lower at 9.3% in the second quarter, from 11.0% in the prior quarter, but firmed by 0.7 percentage points year-on-year. In Grand Bahama, the jobless rate declined to 9.4%, from 12.8% in the prior quarter and 9.8% in the same period last year. In Abaco, the unemployment rate fell to 10.6%, from 13.8% in the first quarter and 14.0% in the comparative 2024 period.
Prices
Average consumer prices—as measured by the All-Bahamas Retail Price Index—posted an incremental decline during the twelve months to July 2025, following a 1.5% firming in the comparative 2024 period. In particular, average costs reduced for housing, water, gas, electricity and other fuels by 1.6% and for restaurant and hotels, by 0.1%, following gains in the previous year. Further, average inflation slowed for miscellaneous goods and services (2.0%), health (1.4%), alcoholic beverages, tobacco, & narcotics (1.3%), food & non-alcoholic beverages (0.6%) and education (0.1%). In a slight offset, the decline in average prices moderated for transport (2.0%), recreation & culture (0.9%) and communications (0.2%). In addition, the rise in average costs quickened for furnishing, household equipment & routine maintenance (7.7%) and clothing & footwear (0.5%).
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