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MEFD April 2012

Published: Thursday June 7th, 2012

Indications are that the domestic economy maintained its modest positive trajectory over the month of April. Tourism sector output strengthened, amid increased hotel earnings, while foreign investment and public sector infrastructure projects supported stable gains in construction activity. In terms of price developments, however, the recent firming bias in international oil prices continued to exert upward pressure on domestic inflation. In the fiscal sector, the Central Government’s overall deficit widened over the nine months of FY2011/12, as the growth in expenditure outpaced revenue intake. Monetary outcomes featured a less significant build-up in both bank liquidity and external reserves compared with the previous year’s levels which were boosted by foreign currency proceeds from the sale of the Government’s majority stake in the Bahamas Telecommunications Company Limited.

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