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MEFD: March 2009

Published: Monday May 4th, 2009

Preliminary data revealed that the global economic recession continued to adversely affect domestic economic activity during March, with persistent weakness in tourism and foreign investment-related construction activity. Demand stimulus from private sector credit expansion also remained soft. Inflationary pressures were sustained at significantly elevated levels, as earlier global price increases continued to be transmitted to the local economy. In monetary developments, the seasonal rebuilding of liquidity was more subdued, given less support to Bahamian dollar deposit growth from tourism and foreign investment inflows, relative to firmer public sector-led expansion in credit.