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MEFD July 2018

Published: Tuesday June 25th, 2019


The domestic economy maintained its mildly positive growth trajectory in July. Gains in the tourism sector were underpinned by improvements in the major source markets, increased high-end room capacity, and an expansion in airlift. In addition, foreign investment projects continued to support activity in the construction sector. However, tourism-dominated employment gains trailed the labour force expansion, with the average unemployment rate consequently increasing in the year-over-year comparisons, through May, 2018. Meanwhile, domestic fuel prices remained elevated for the year, given only incremental abatement in imported fuel costs for the month of July. Liquidity in the banking sector declined over the review month, with the reduction in the deposit base outpacing the decline in credit. Similarly, external reserves decreased during July, reflecting the seasonal uptick in foreign currency demand.

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