Friday, September 18, 2020

Covid Lockdown's $1bn Tourism Blow

Central Bank of the Bahamas

Tribune Business Editor

The Bahamas lost around $1bn in tourism earnings at the COVID-19 lockdown's peak as this nation became a "net payer" for travel-related services for likely the first time in its history.

The Central Bank of The Bahamas' report for the 2020 second quarter, which covers the three months that took the brunt of the Government's pandemic restrictions, lays bare the extent of the economic and tourism-related devastation that was inflicted by revealing that this nation spent $3.5m more on travel during this period than it took in.

This represented a $980m negative swing compared to the same quarter in 2019, when The Bahamas earned almost $1bn in travel and tourism-related receipts to expose the full extent of the income and foreign exchange earnings lost during COVID-19's initial months.

Referring to The Bahamas' current account, which measures both this nation's trade in physical goods and services, the Central Bank revealed: "The services account position reversed to an estimated deficit of $251.4m from a surplus of $723.2m in the prior year.  Read more >>