Initial data suggests that domestic economic activity remained weak during January, owing to the deepening effects of the global economic and financial crisis. The continued slowdown in tourism resulted in further job losses in the hotel industry, while foreign investment support for construction activity remained lackluster. Consumer price inflation stayed at elevated levels, given the ongoing transmission of higher global prices to the local economy. On the monetary front, developments were marked by improvements in both liquidity and external reserves, as the contraction in domestic credit outweighed the gains in Bahamian dollar deposits.
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