MEFD July 2019

Published Sunday August 4th, 2019

Preliminary indications are that the domestic economy maintained its modest upward trajectory during the review period. In particular, gains in tourism sector output continued to be supported by the rise in the high value-added stopover visitor segment, while activity in the construction sector was fueled by a number of varied-scale foreign investment-related projects. In this environment, employment conditions continued to improve gradually, as the jobless rate fell to a decade low of 9.5%. Monetary sector developments were dominated by the growth in deposits, which outpaced the expansion in credit and resulted in an increase in bank liquidity, while external reserves expanded, buoyed by net foreign currency inflows from real sector activities.

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