MEFD December 2019

Published: Monday February 3rd, 2020

Indications are that the domestic economy sustained its modest growth during the review period. Tourism maintained a positive momentum, bolstered by activity in New Providence markets and the Family Islands unaffected by Hurricane Dorian. Further, ongoing foreign investment projects provided stimulus to the construction sector, and to a lesser extent post-hurricane reconstruction work. In price developments, the domestic inflation rate firmed during the twelve months ending October, reflecting the rise in fuel costs. Monetary developments featured an expansion in bank liquidity, as the build-up in the deposit base outstripped the growth in credit; similarly, external reserves grew, buoyed by net foreign currency inflows from re-insurance and real sector activities.

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