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MEFD August 2011

Published: Wednesday October 5th, 2011

Economic developments for the month of August took place within the context of less positive performance indicators for the United States economy and the domestic disruptions, although limited, caused by Hurricane Irene in the latter half of the month. However, initial indications are that the gradual improvement in the domestic economy was upheld, supported mainly by ongoing construction sector projects and more modest gains in the tourism sector. Given the weakness in real sector activity, high unemployment persisted, while inflationary pressures were relatively benign, although impacted by the recent firming in global oil prices. The fiscal situation for the first month of FY2011/12 showed a contraction in the overall deficit, while monetary developments continued to feature high and stable levels of bank liquidity and external reserves, amid soft private sector demand.

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