NASSAU, BAHAMAS – The Bahamas experienced a significant surge in visitor arrivals during the first quarter of the year, with a total of 2.6 million visitors according to the Central Bank.
This marked a recovery of 92.3 percent compared to the same period last year, surpassing the growth of 1.4 million visitors seen in 2022.
According to the Quarterly Economic Review released by the Central Bank, the Ministry of Tourism reported a doubling of sea passengers to 2.1 million, compared to 1.0 million in the previous year. Additionally, the stopover component, which contributes high value-added tourism, saw a growth of 41.6 percent to 0.5 million visitors, compared to 0.3 million in the previous year.
A breakdown of visitor arrivals by major ports of entry revealed an 84.1 percent recovery of foreign arrivals to New Providence, totaling 1.2 million passengers. This increase was attributed to growth in both air and sea traffic, with 0.4 million air arrivals and 0.9 million sea arrivals, respectively.
The Family Islands also experienced a significant resurgence in visitor numbers, with a 93.5 percent recovery to 1.2 million visitors, surpassing the 0.6 million gain in the same period of 2022. This growth was supported by increased air traffic to 95,221 and sea traffic to 1.1 million. Grand Bahama saw a more than twofold increase in arrivals, reaching 0.1 million, compared to 51,312 passengers in the previous year. This growth was driven by advancements in both air and sea arrivals, with 15,480 and 130,386 respectively.
Turning to the construction sector, the regulator noted that the first quarter witnessed a significant shift in mortgage disbursements. New construction and repair disbursements experienced a nearly 50 percent expansion, in contrast to the nearly 34 percent reduction observed during the same period in 2022.
The Central Bank highlighted ongoing foreign investment projects as a driving force behind the positive developments in the construction sector. However, domestic private sector activity financed by banks remained subdued.
Domestic financing developments revealed a 48.6 percent ($7.8 million) increase in total mortgage disbursements for new construction and repairs, reported by banks, insurance companies, and the Bahamas Mortgage Corporation. The residential disbursements saw the most substantial growth, rising by 56.6 percent ($8.6 million) to $23.7 million, in contrast to a 37.3 percent downturn in the prior year. Conversely, commercial disbursements decreased by 75.5 percent ($0.7 million) to $0.2 million, reversing a four-fold increase seen in the previous year.
Looking ahead, total mortgage commitments for new buildings and repairs, which serve as a forward-looking indicator of domestic activity, decreased by one to 51 compared to the same period in 2022. The associated value also declined by 10.8 percent to $15.4 million.
Click here to read more on the Eye Witness News website
