MEFD September 2012

Published: Friday November 9th, 2012

Preliminary data suggests a continuation of the economy’s mildly positive growth momentum during September, supported largely by tourism sector output, alongside foreign investment and public sector related construction activity. However, as growth remained narrowly based, high unemployment persisted. Indications are that inflation was subdued, reflecting a softening in energy costs over the review period. Fiscal data for the first two months of FY 2012/13 showed that the overall deficit widened, due to higher expenditure. In monetary developments, bank liquidity remained substantially unchanged while external reserves contracted, owing to the traditional firming in demand in the latter half of the year, and increased fuel payments.

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