MEFD November 2012

Published: Friday December 21st, 2012

Available indicators of domestic economic activity continue to suggest a modest growth momentum, concentrated in tourism and construction-related foreign investment projects. With limited spillover benefits to other areas of the economy, employment conditions stayed weak and private sector demand has dampened by the persistence of high loan arrears. In price developments, domestic energy costs contracted in November. The monetary outcome featured a contraction in both banking sector liquidity and external reserves, reflecting the seasonal increase in foreign currency demand.

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