The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Bahamas’ current account deficit widened by “one-third” to $1.46 billion in 2012, due to the fuel import bill.

Addressing the House of Assembly in the 2013-2014 Budget debate, Prime Minister Perry Christie said: “With the increased import pressures, external reserves contracted by $74.6 million during the course of the year.

“At December 2012, external reserves stood at $810.2 million, equivalent to an estimated 17.5 weeks of non-oil merchandise imports and down from 19.7 weeks at the end of 2011.

“The seasonal rebuilding in reserves began slowly in 2013, with the latest estimate through May 24 placing balances at $814.3 million.”

The Bahamian economy grew by 1.8 per cent in 2012, below projections of 2.5 per cent.

The economy is projected to grow by 2.7 per cent in 2013, and 2.5 per cent in 2014.