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MEFD September 2018

Published: Monday October 29th, 2018


The domestic economy’s mild growth trajectory was maintained during September. Activity was underpinned by the ongoing gains in tourism, amid increases in high-end hotel inventory and airline seat capacity, while construction sector output was driven by several varied-scale foreign investment projects. On the prices front, average energy costs firmed modestly, due mainly to the increase in global oil prices. In monetary developments, bank liquidity contracted, amid an increase in commercial bank credit to Government and a reduction in domestic deposits. External reserves also fell, in line with seasonal factors and heightened public sector demand for foreign currency—related mainly to fuel imports.

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