The Bahamian economy registered a modest recovery in 2010 with growth of 0.9% following a 5.4% decline in 2009. The economy benefited from a rebound in tourism triggered by the upturn in the United States, its major market. This rebound, together with buoyant activity in offshore financial services, helped to compensate for the weaker performance of the construction sector. Inflation declined as food and clothing prices fell. There are no official data, but employment, especially in tourism, was expected to pick up with the more buoyant economic activity. The fiscal situation deteriorated in fiscal year 2009/2010 as revenues declined more sharply than expenditure, but there was an improvement in 2010/2011. Meanwhile, the balance-of-payments current account deficit contracted moderately to 9.9% of GDP, as higher tourism receipts outweighed the increase in the trade deficit.

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