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The Bahamas P.O.Box CB-12407 Nassau New Providence The Bahamas The Bahamas


CFAL Local Economic Review Q1 2023

01 May, 2023

Preliminary data for the first half of FY2022/23 (July - December) indicates that the fiscal deficit decreased slightly by $5.3M or -1.9% to $276.0M compared to the same period of FY2021/22. The Bahamas National Statistical Institute estimates that GDP increased by 14.4% to $12.854B in real terms for 2022. The IMF projects that real GDP will increase by 4.3% in 2023. The country’s debt levels remain high as the Direct Charge stood at $11.036B as of December 2022 while National Debt (inclusive of contingent liabilities) stood at $11.426B. Based on the latest GDP numbers, Direct Charge to GDP was 85.9% while the National Debt to GDP was 88.90%. The tourism industry continued to thrive in 2022 as tourist arrivals neared the pre-pandemic record breaking numbers of 2019. Seven million visitors entered the country compared to 2019’s 7.25M. The local stock market, BISX, declined -9.36% in Q1-23. This negative performance followed 2022’s double digit gains of +18.71%.