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MEFD March 2010

Published: Friday May 7th, 2010

The domestic economy showed signs of stabilisation in March, as the pace of the global recovery gathered momentum. Tourism output, while still below pre-crisis levels, recorded modest gains in the key stopover business, although other key real sector activities, such as construction, were anemic, given the weakness in foreign investment flows and a fall-off in mortgage lending. Persistent weakness in private sector demand continued to dampen Government’s tax receipts, which contributed to a widening in the overall deficit for the eight months of FY2009/10. Monetary conditions featured a moderate build-up in liquidity and external reserves.

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