NASSAU, BAHAMAS — The domestic economy maintained a “measured pace of recovery” in the third quarter despite the effects of the ongoing COVID-19 pandemic, according to the Central Bank.
The regulator, in its recently released third quarter economic review, noted: “Indications are that the domestic economy maintained a measured pace of recovery during the third quarter of 2021, despite the ongoing spread of the novel coronavirus (COVID-19).
An analysis by component revealed that air traffic totaled 263,462, following a 94 percent contraction to only 21,802 during the comparative period last year.
– Central Bank of The Bahamas
“Specifically, tourism sector output further strengthened, undergirded by continuing gains in the high value-added air segment and an uptick in sea traffic, reflecting sustained progress in vaccination efforts, both locally and internationally.”
The Central Bank noted that during the third quarter, indications are that tourism output maintained its positive momentum, albeit at a slow pace, reflecting widespread vaccination efforts both locally and internationally.
“Preliminary data from the Ministry of Tourism showed that total visitor arrivals amounted to 532,206, vis-à-vis a 97.8 percent decline to 34,221 in 2020, when global travel restrictions related to COVID-19 virtually eliminated air and sea traffic,” the regulator stated.
“An analysis by component revealed that air traffic totaled 263,462, following a 94 percent contraction to only 21,802 during the comparative period last year.
“Further, sea passengers equaled to 268,744, compared to a 99 percent reduction to just 12,419 in the year prior.
Positive trends were also observed in the short-term vacation rental market, evidenced by the most recent statistics provided by AirDNA.
– Central Bank of The Bahamas
“Positive trends were also observed in the short-term vacation rental market, evidenced by the most recent statistics provided by AirDNA.
“In particular, total room nights booked increased markedly to 285,682, relative to 124,568 in the same period in 2020, as uptake of both entire place and hotel comparable listings more than doubled.
“In terms of the components, occupancy levels for entire place listings rose to 52 percent from 34.4 percent in the corresponding period last year, while the average daily rate (ADR) grew by 18.1 percent to $480.50.
“Similarly, hotel comparable listings recorded a 13 percentage point firming in the occupancy rate to 47.7 percent, as the ADR grew by 23 percent to $177.27.”
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