Foreign arrivals up 45 percent in Q2, Central Bank reports

Foreign arrivals up 45 percent in Q2, Central Bank reports

NASSAU, BAHAMAS — Foreign arrivals to this destination grew by slightly over 45 percent to 2.4 million during the second quarter, according to data released by the Central Bank. 

In its quarterly economic review for June, the regulator noted that information from the Ministry of Tourism revealed that foreign arrivals grew by 45.2 percent to 2.4 million during the review quarter, surpassing the 1.7 million recovery in visitors in the prior year.

These numbers were led by a 55.3 percent expansion in sea arrivals, to 1.9 million, vis-à-vis the 1.2 million passengers in the same period of 2022. Similarly, the high-value-added stop-over segment strengthened by 15.7 million to 0.5 million, extending the rebounded outturn of 0.4 million visitors a year earlier.

“Disaggregated by major ports of entry, tourist arrivals to New Providence rose by 37.7 percent to 1.1 million visitors, vis-à-vis the 0.8 million passengers in the year prior,” the Central Bank reported.

“The dominant sea component expanded by 54.4 percent, while air traffic increased by 13.4 percent. Likewise, visitor arrivals to the Family Islands advanced by 52.7 percent to 1.2 million, surpassing the 0.8 million gain in the corresponding period of 2022, on account of advances in sea passengers by 56.6 percent and air passengers, by 22.4 percent.

“Further, in Grand Bahama, the number of tourists grew by 46.4 percent to 0.1 million, slightly above the 90,663 passengers recorded in the comparable period last year, buoyed by strong gains in both the sea and air components.”

According to the Central Bank, during the second quarter of 2023, indications are that the domestic economy sustained its positive growth momentum—albeit at a moderated pace—with indicators reverting to pre-pandemic levels.

It also noted that inflationary pressures remained elevated in price developments, reflecting the pass-through effects of higher prices on imported oil and goods.