Supported by the ongoing recovery in the global economy, domestic economic conditions maintained a stable to improving trend over the review month. Indications are that positive developments in the key group business contributed to steady gains in tourism output, while a number of foreign investment-related and public sector projects underpinned activity in the construction sector. Monetary conditions remained favourable, as proceeds from the privatization of the Bahamas Telecommunications Company facilitated a significant increase in external reserves to record highs. On the fiscal side, the Government’s overall deficit narrowed during the nine months of FY2010/11, as revenue gains, benefitting from one-off stamp duty receipts, outstripped the growth in expenditure.
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