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MEFD June 2018

Published: Monday July 30th, 2018


Indications are that the domestic economy sustained its positive growth trajectory over the review period. Activity in the tourism sector continued to improve, supported by increased high-end room capacity, new airline routes and strengthened economic conditions in key source markets. Meanwhile foreign investment-funded projects remained the most significant driver of construction sector output. Further, annual inflation increased modestly, reflecting in part the pass-through effects of sustained gains in global oil costs. On the fiscal front, the deficit narrowed over the first eleven months of FY2017/18, as lower capital spending led to a decline in total expenditure and revenue grew modestly. In the monetary sector, both liquidity and external reserves contracted, reflecting an expansion in credit and a reduction in the deposit base, associated with the net increase in foreign currency demand to support private sector travel and public sector oil imports. 

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