MEFD April 2010

Against the backdrop of signs of a slowdown in the pace of the global recovery, domestic economic activity continued to stabilize over the review month. Partial tourism performance data suggest an improvement in output; however, persistent softness in private sector demand constrained economic activity and negatively affected Government’s revenues, to cause a further deterioration in the overall deficit over the nine months of FY2009/10. With credit conditions remaining weak, monetary developments featured sustained growth in both bank liquidity and external reserves.

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• MEFD April 2010