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MEFD October 2010

Published: Tuesday December 7th, 2010

Amid the fragile and uneven pace of recovery in the global economy, domestic economic activity continued to stabilise over the review month. Tourism output improved modestly, reflecting gains in the key stopover segment of the market; while public sector projects supported construction output, which continued to be constrained by weak housing and foreign investment led activity. In this context, unemployment would have registered very little improvement, although inflationary pressures continued to moderate from the peak mid-2008 levels. Government’s overall deficit position widened over the first quarter of FY2010/11, as the rise in spending overshadowed the modest improvement in revenues. In monetary developments, both liquidity and external reserves contracted, reflecting the traditional, though muted, firming in foreign currency demand during the final quarter of the year. 

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