The National Emergency Management Agency (Nema) said on Thursday that the drop in numbers came after cross-referencing names of the missing with those in shelters, the BBC reported.
Hurricane Dorian battered the Bahamas earlier this month killing at least 50. The death toll is expected to rise as the clean-up operation continues.
Police Commissioner Anthony Ferguson said that the search for the victims was a slow process.
"We have to go through all of that rubble, take our time and search. It's going to take a long time before you can really say," he said.
Prime Minister Hubert Minnis said in a televised address on Wednesday that the government was being transparent and would "provide timely information on the loss of life as it is available".
On Thursday the US announced $4 million in new humanitarian assistance for the Bahamas, reports the BBC.
The US Agency for International Development said the money would go towards providing shelter, food, medicine and water to those on Grand Bahama and Abaco, the worst hit islands.
More than 5,000 people have been evacuated from the two islands to New Providence, the archipelago's capital Nassau is located.
On Thursday, the Bahamas government issued a tropical storm warning.
According to the US National Hurricane Centre, the weather system was not expected to produce a significant storm surge in the northwest Bahamas; however, heavy rain could hamper rescue efforts.
( With inputs from IANS )