Total Arrivals in Bahamas Hits 6.6 Million in August

• Total visitor arrivals to The Bahamas reached 6.6 million in August, according to the latest data from the Central Bank. The Central Bank, in its Monthly Economic and Financial Development report for August, noted total arrivals from January to August were up 53.5% from January to August in 2022.
• Official data provided by the Ministry of Tourism (MOT) revealed that total visitor arrivals expanded to 0.74Mn in August from 0.62Mn in the corresponding period of 2022. Arrivals by sea rose to 0.62Mn from 0.50Mn passengers in the prior year. In addition, air traffic improved moderately to 0.13Mn —representing 98% of the pre-pandemic high that was registered in 2019.
• In the short-term vacation rental market, data provided by AirDNA also reflected positive trends during August. Specifically, total room nights sold rose to 161,513 from 140,512 in the comparative 2022 period.
• The tourism sector is still anticipated to be the main growth driver for the Bahamas, with arrivals set to be supported by a further recovery in global travel from the main impacts of the COVID-19 pandemic.
• Nonetheless, the Bahamas is forecast to see 4.0% real GDP growth in 2023, down from an estimated 8.1% in 2022 as strong base effects fade and global growth slows. The country is also expected to register elevated inflation, which will weigh on real household disposable incomes.

(Source: Eyewitness News & Fitch Solutions)