MEFD May 2012

Published: Friday July 6th, 2012

The Bahamian economy maintained a mild growth momentum in May, supported by ongoing gains in the tourism sector and foreign investment-led growth in construction output. Reflective of the pass-through effects of the recent decline in global oil prices, domestic energy costs trended downwards in May. In the fiscal sector, the deficit for the ten months of FY2011/12 widened, as expenditure increases offset the rise in revenue collections. Monetary developments for the month featured a significant slowdown in the build-up of bank liquidity, while foreign inflows related to Government tax receipts from the sale of a large-scale tourism resort, supported modest growth in external reserves.

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