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MEFD December 2018

Published Monday February 4th, 2019

Indications are that the domestic economy maintained its modest pace of growth in December, and was improved overall for 2018. Output was supported by ongoing gains in tourism, while foreign investment projects continued to fuel construction sector activity. The economy's uptrend was evident from strongly elevated foreign currency inflows through the banking sector and equally robust demand, evident in external payments for goods and services. The environment sustained further employment gains, although paced slower than active labour force growth, both during the six-months to November and in the year-over-year comparisons. In monetary developments, bank liquidity contracted during December, as the falloff in total deposits outstripped the decline in credit, with a resulting reduction in external reserves. The latter reflected elevated public sector demand, for refinancing of foreign currency debt with domestic funding.

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