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MEFD June 2012

Published: Friday August 3rd, 2012

Preliminary indications are that the domestic economy maintained a mild growth momentum during the review month, supported by gains in tourism sector output, alongside ongoing public sector and foreign investment-led construction activity. Inflation remained modestly above the prior year’s level, although the recent declines in global oil prices softened domestic fuel costs in June. In the fiscal sector, the overall deficit deteriorated over the ten months to April, as higher expenditures outpaced an increase in revenues. Monetary developments featured a modest expansion in bank liquidity, which remained at record levels, and a slight uptick in external reserves.

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