Bahamas records $2.1 million loss in first quarter of 2024: Reports

A total of $2.1 million loss has been reported for the Bahamas in the first quarter of 2024, compared to the same period in 2023

Bahamas records $2.1 million loss in first quarter of 2024: Reports
Bahamas records $2.1 million loss in first quarter of 2024: Reports

Bahamas: A total of $2.1 million loss has been reported for the Bahamas in the first quarter of 2024, compared to the same period in 2023. The announcement was made by Alison Treco, Chair of the BISX-listed property and casualty insurer provided the insights and said that the tourism performance of the nation has remained poor for the three months ended March 31, 2024.

Shedding light on the loss, the reports stated that the Bahamas recorded the loss of $2.1 million which marked the comprehensive loss increased by 16.7 percent, compared to the same period in 2023. The reason behind the loss was considered the decline in the market value of the global bond portfolio of the Bahamas.

Further, the Bahamas has also reported decline in the price of equity security which resulted in the loss of the tourism economy. The reports further shared the insights on the loss and stated that there are several major factors which are inclined with this poor performance.

As per Alison Treco, the Cayman Islands recorded decline in the passenger rates which has affected its tourism industry at the significant rate. Due to this, Bahamas recorded the decline from the first quarter of 2023 to first quarter of 2024 with the loss of $0.4 million to $1.1 million.

In addition to that, the operation costs have also been increased from the last year in order to support ongoing remediation effects. According to Treco, the loss has been caused by several factors which are resulted in the decline of several sectors that contributes directly to the economic.

Further, the report mentioned that Cayman and Bahamas both have recorded decline over the first quarter of 2023 with the worth of $0.7 million or 40.9 percent, however, the improvement was not reported for Bahamas.

The citizens have also expressed concerns with the losses and stated that this has directly affected the economic situation of the Bahamas.