Monthly Economic and Financial Developments (MEFD) October 2025
Published: Monday December 1st, 2025
Monthly Economic and Financial Developments (MEFD)
October 2025
Domestic Economic Developments
Overview
During the month of October, the domestic economy’s moderated pace of growth was maintained, relative to the same period in 2024, with economic indicators trending closer to their medium-term potential. Tourism output, while at healthy levels, tapered vis-à-vis the previous year, as the high value-added stopover segment remained constrained by capacity limitations and reduced demand from the United States market. Nonetheless, earnings from the cruise segment continued to register strong gains. In monetary developments, banking sector liquidity declined, despite the reduction in domestic credit, which outpaced the falloff in the deposit base. However, external reserves grew underpinned by net foreign currency inflows through the public and private sectors.
Real Sector
Tourism
Monthly data suggest that gains in tourism output continued to be paced by more tempered activity in the stopover segment, as a result of capacity constraints and lowered demand from US visitors. Nevertheless, the healthy growth in the cruise category was sustained.
Recent data from the Nassau Airport Development Company Limited (NAD) revealed that total departures—net of domestic passengers—edged up by 0.1% to 91,022 in October relative to the comparative period in the previous year. Specifically, non-US international departures increased by 2.8% to 16,159 compared to the same period of 2024. However, U.S departures fell by 0.4% to 74,863. On a year-to-date basis, total outbound traffic declined by 2.4% to 1.3 million, owing primarily to a 3.5% reduction in US departures to 1.2 million. Providing some offset, non-US international departures rose by 4.4% to 0.2 million.
In the short-term vacation rental market, data provided by AirDNA showed that room nights sold increased by 4.6% to 36,124 vis-à-vis the same period in 2024. Correspondingly, the occupancy rate for entire place listing edged up to 39.8% from 39.6% and hotel comparable listings, to 43.3% from 41.2%.
As shown in Graph 1, the average daily room rate (ADR) reduced for entire place listings by 10.6% to $284.87 relative to the same period of 2024. Similarly, the corresponding ADR for hotel comparable listings fell by 4.3% to $136.56 in comparison to the previous year.
On a year-to-date basis, total room nights sold rose by 3.1%, and the average daily rates for both entire place and hotel comparable listings increased by 20.9% and 3.0%, respectively.
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