Recessionary conditions in the Bahamas deepened in 2009, with real GDP falling by 4.3%. Weakened tourism demand in major markets led to a decline in stay-over arrivals and reduced average spending. Value added in offshore financial services was also down due to the recession in major markets. The slump in activity caused unemployment to increase sharply to 14.2%. Inflation moderated to 1.3% because of declining oil and other commodity prices.

Related Subject(s): Economic and Social Development
Countries: Bahamas
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