Press Release

Source: Ministry of Finance, The Bahamas

Date: 31 March, 2025

Contact: Financemail@bahamas.gov.bs

Preliminary data on the first half of FY2024/2025 featured an improved revenue performance, aided by enhanced administrative and enforcement measures, and a favorable tourism outturn.

Tax Revenue improved by $122.1 million (10.4 percent) to $1,291.5 million, strengthened by gains in international trade and transactions ($78.8 million to $412.3 million), Value Added Tax collections ($17.1 million to $663.1 million), and taxes on use and permission to use goods ($15.3 million to $63.0 million).

Additionally, non-tax revenue increased by $16.7 million (12.6 percent) to $149.4 million. Receipts were higher for property income by $6.9 million to $21.8 million, and for sales of goods and services, by $10.4 million at $123.3 million.

Expenditure increased by $278.3 million (17.8 percent) to a total of $1,839.1 million, with recurrent and capital expenditures amounting to $1,619.0 million and $220.1 million, respectively. Key drivers of recurrent expenditure included compensation of employees ($434.6 million), use of goods and services ($346.6 million), public debt interest ($335.5 million), and subsidies ($220.4 million). Capital expenditure saw a rise in capital transfers, which grew by $30.9 million, reaching $48.5 million. Additionally, the acquisition of non-financial assets increased to $171.5 million.

As a result of these developments, the deficit grew by $139.3 million (53.9 percent), reaching $398.1 million, which increased from $258.7 million experienced in the previous period.

The public is encouraged to visit the national Budget Website (www.bahamasbudget.gov.bs) to view all fiscal reports.