MEFD January 2015

Published: Wednesday March 4th, 2015

Indications are that the domestic economy maintained its positive growth momentum during the review month, buoyed by gains in tourism output and foreign direct investment-led construction activity. Amid broad-based increases in the prices of several categories of goods and services, domestic inflation firmed during 2014—although energy costs declined in January, reflecting the pass-through effects of the recent sharp fall in global oil prices. The overall fiscal deficit deteriorated over the first half of FY2014/15, as the expansion in spending outpaced revenue gains. Monetary sector developments featured a build-up in both bank liquidity and external reserves, supported by net foreign currency inflows from real sector activities.

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