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MEFD December 2016

Published: Monday January 30th, 2017

The mild pace of domestic economic activity was maintained during the final month of the year, as construction output continued to be supported by foreign investment and post hurricane rebuilding projects, while the tourism sector benefited from an uptick in tourist arrivals during the winter season. Further, domestic energy costs firmed, reflecting mainly the gradual rise in global oil prices from record lows. Fiscal sector developments for the first four months of FY2016/17 were highlighted by a reduction in revenue, which in combination with a rise in spending, resulted in an increase in the year-over-year deficit. In the monetary sector, both liquidity and external reserves contracted in December, as the traditional increase in holiday-related spending led to a net foreign currency outflows.

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