2018/19 Budget Communication 2018_2019 BUDGET COMMUNICATION | Page 65

the construction sector as a result of completion work on the
Baha Mar resort and other foreign investment projects, as
well as hurricane-related reconstruction activity. However,
other private sector construction work remained relatively
subdued as the commercial banks maintained prudent
lending
policies.
Reflecting
this,
total
mortgage
disbursements for new construction and repairs shrank by
3.4 per cent in 2017, on the heels of a 6.7 per cent
contraction on 2016.
The performance of the tourism sector was
muted in 2017, reflecting severe weather-related travel
disruptions, the hurricane-related reduction in hotel capacity
in Grand Bahama and enhanced competition from
competitor destinations. Following growth of 2.5 per cent in
2016, total visitor arrivals contracted by 2.1 per cent last
year on the basis of reductions in both air and sea arrivals,
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