Lacking Tourism Stunts Baha Mar Growth Forecast

Business


The poorly performing stopover visits so far for The Bahamas in 2013 will prompt a downward revision of mega resort Baha Mar’s growth forecast for 2013, currently at 2.5 per cent.
However, officials at the resort remain optimistic, saying that its investment in Bahamian tourism is expected to produce a major spurt in services income, beginning in late 2014.
Projections show Baha Mar providing a growth spurt of 14.7 per cent of GDP in 2015, the first full year of resort operations.
First-quarter 2013 stopover arrivals for the Bahamas fell by 10 per cent year on year, which, according to the Caribbean Tourism Organisation (CTO) was due to muted US tourism demand and stiff competition from rival destinations. This represents a decline of 20 per cent from their 2008 peak.

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