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


CFAL Local Economic Review Q1 2024

26 April, 2024

Preliminary data for the first half of FY2023/24 (July – December) indicates that the overall deficit declined by $19.2M (6.9%) to $258.8M compared to the same period of FY2022/23. Advanced estimates for 2023 released by The Bahamas National Statistical Institute stated that economic activity in The Bahamas increased 2.6% in real terms during the year, with the total value of goods and services produced in the economy estimated at $12.8B in real prices. The country’s debt levels remain elevated with national debt totaling $11.78B as at December 2023, of which $11.43B is comprised of Direct Charge and $350.9M of Contingent Liabilities. The tourism industry experienced robust growth reaching record levels for the 2023 year. Tourist arrivals increased 37.91% year over year to 9.65M from 7.0M visitors seen in the previous year. The momentum continued in 2024, with 1.86M visitors year to date as at February, an increase of 11.7% over the same period in 2023. The local stock market, BISX, ended the quarter with positive gains of 3.00%.