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MEFD June 2013

Published: Thursday July 25th, 2013

Preliminary data suggests that economic conditions were relatively flat in June, reflecting persistent softness in the main tourism sector, although construction sector activity continued to benefit from ongoing foreign investment and public infrastructural projects. The outcome is unlikely to have provided opportunities for employment gains, while price developments continued to be favoured by the further easing in international oil prices. In the fiscal sector, a combination of reduced revenue intake and higher expenditures led to the overall deficit deteriorating over the ten months of FY2012/13, and monetary developments were marked by contractions in both bank liquidity and external reserves, due mainly to a seasonal increase in demand for foreign currency.

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