MEFD September 2020
Published: Monday November 2nd, 2020
The Novel Coronavirus (COVID-19) pandemic continued to adversely impact domestic economic developments during the month of September. Tourism sector activity remained largely at a standstill, as the high value-added air segment and the dominant sea component remained paused, due to globally imposed travel restrictions. Notwithstanding, the restart of foreign investment-led projects, along with hurricane rebuilding works, provided some stimulus to the construction sector. In price developments, the domestic inflation rate narrowed during the twelve months ending June, underpinned by the decline in fuel costs. On the monetary front, bank liquidity contracted, as the growth in domestic credit outpaced the rise in the deposit base. Similarly, external reserves decreased during the review month, owing to net foreign currency outflows on private sector activities.
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