According to The Central Bank of The Bahamas, the decrease in overall visitors comes despite a rise in air arrivals during this period.
“Total visitor arrivals for the first half of the year declined by 1.8 per cent when compared to the same period in 2005, as the 4.0 per cent rise in air arrivals was overshadowed by a 4.4 per cent downturn in sea visitors,” the Bank reveals, in its Monthly Economic and Financial Development Report for July 2006.
In its report, the Bank also reveals a downturn in visitor arrivals to New Providence by 3.2 per cent to 1,509,140 for the first half of the year and a 4.4 per cent decrease in the Family Islands to 711,377.
“Conversely, the visitor count to Grand Bahama rose significantly by 10.5 per cent, due solely to improvements in the cruise sector, as air arrivals were virtually unchanged,” the Bank discloses.
The Bank reports a hike in consumer prices for the twelve-month period ending June 2006, with a rise of 1.9 per cent up from a 1.5 per cent increase the year before. For the first 11 months of fiscal year 2005/2006, the report notes a 45.5 per cent improvement in the government’s deficit to $78.4 million.
The reports say: “Government revenue receipts firmed by $177.2 million (19.5 per cent) to approximately $1,087.6 million, while expenditure rose by $111.6 million (10.6 per cent) to an estimated $1,165.0 million.
“Tax revenue expanded by approximately 17.5 per cent, reflecting higher import demand, while accretions to non-tax revenue firmed by 60 per cent, owing mainly to increased receipts from both other “miscellaneous” income as well as fines, forfeits and administrative fees.”
“Higher outlays for wages and salaries, as well as goods and services, supported a 9.2 per cent hike in current expenditures,” adds the Bank. “In addition, capital expenditure almost doubled to $100.6 million, as a result of intensified infrastructural works.”
The Bank reports that weighted average deposit rate remained “fairly stable” at 3.31 per cent during the first half of year, while the average loan rate firmed by 55 basis points to 10.05 per cent.
“The Central Bank’s net foreign currency purchases were almost halved to $35.2 million, as higher sales of foreign currency to the public sector overshadowed the increase in receipts from commercial banks” says the report.
Source: Bahamas Ministry of Tourism
