MEFD February 2019

Published Monday April 1st, 2019

Indications are that the domestic economy sustained its upward trajectory during the review month, as an increase in long-stay visitor arrivals underpinned the improvement in tourism sector output, while foreign investment-led projects supported activity in the construction sector. Reflecting the hike in the value added tax (VAT) rate and higher oil prices, the inflation rate rose modestly in 2018. In addition, monetary sector developments were dominated by the build-up in banking sector liquidity and external reserves, due to the seasonal tourism-related increase in net foreign currency inflows.

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