Monthly Economic and Financial Developments (MEFD) July 2023

Published: Monday September 4th, 2023

Preliminary indications are that during the month of July, the growth trajectory of the domestic economy persisted, although at a moderated pace, with indicators reverting to trend, as the recovery from the COVID-19 pandemic neared completion. Tourism sector output continued to record strong growth, bolstered by robust gains in the high value-added air component and in the sea segment, attributed to the ongoing demand for travel in key source markets. Monetary sector developments for the month of July featured a moderated buildup in banking sector liquidity, as the increase in the deposit base outpaced the rise in domestic credit. Similarly, during the review month, the accumulation in external reserves slowed, as net foreign currency outflows through the public sector, offset net private sector inflows.

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