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MEFD May 2010

Published: Friday July 2nd, 2010

Preliminary evidence suggests that the domestic market continued to stabilise in May, aided by the ongoing, though still fragile, recovery in the global economy. Tourism output showed an improving trend, buoyed by gains in the key stopover segment of the market, while public sector projects provided some support for construction activity, which continued to be weighed down by sustained weakness in private sector investments. Foreign currency inflows, related to a business transaction, combined with weakness in private sector demand, supported moderate gains in both liquidity and external reserves over the review period. The fiscal situation, however, remained strained, with a widening in the overall deficit over the ten months of FY2009/10, as lower imports created a drag on tax receipts, and capital outlays for infrastructural works firmed.

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