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MEFD November 2016

Published: Thursday December 22nd, 2016

Indications are that domestic economic activity remained mild during the review period, as tourism output softened, while the ongoing recovery from the effects of Hurricane Mathew—which impacted one in three households—along with a number of varied-scale foreign investment projects, supported the construction sector. A surge in post storm-related hiring led to a decline in the unemployment rate in November over the prior six months. Further, the overall price level fell during the 12 months to September, reflecting the prolonged impact of relatively lower crude oil prices. In monetary developments, net receipts from real sector activity undergirded the increase in external reserves; however, a pick-up in hurricane-related commercial bank financing to the Government, led to a decline in banking sector liquidity. 

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