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MEFD August 2012

Published: Friday October 5th, 2012

Domestic economic conditions continued to be shaped by developments in tourism, foreign investment-led construction activity and public sector infrastructure works, although the momentum and depth of the recovery remained below the levels needed to achieve substantial gains in employment and a broadening of private sector demand. Inflation stayed relatively benign, as local transportation and energy costs declined in August, while the monetary sector outcome showed monthly contractions in both bank liquidity and external reserves, partly reflecting seasonal firming in foreign currency demand.

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