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MEFD March 2021

Published: Monday May 3rd, 2021

Domestic economic activity during the month of March continued to be adversely impacted by the Novel Coronavirus (COVID-19) pandemic. Ongoing travel restrictions imposed globally, continued to negatively impact the tourism sector, with the high value-added air component remaining at historic lows and the sea segment offline. However, foreign investment-led projects, combined with post hurricane rebuilding works, provided some impetus to the construction sector. In price developments, the domestic inflation rate narrowed during the twelve months to February, underpinned by a reduction in fuel costs. On the monetary front, bank liquidity expanded, as the growth in the deposit base contrasted with the marked decline in domestic credit. However, external reserves decreased, amid a falloff in foreign currency inflows from real sector activities.


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