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MEFD March 2013

Published: Saturday May 4th, 2013

Indications are that domestic economic conditions were somewhat flat during the review month, as softness in tourism output occurred, alongside stable foreign investment-led construction activity. In other real sector developments, domestic energy costs increased modestly over the review month, influenced by the elevated global oil price levels. The fiscal outcome featured the combination of higher spending and lower revenue collections, which caused a further deterioration in the overall deficit over the eight months of FY2012/13. In the monetary sector, net inflows of foreign currency from real sector activities supported gains in both bank liquidity and external reserves over the review period. 

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