Monthly Economic and Financial Development, May 2019

Published: Saturday June 29th, 2019

Indications are that the domestic economy maintained its modest pace of expansion over the review period, as increased visitor traffic for the Easter holiday period, sustained the growth in tourism, while ongoing medium and small-scale foreign investment projects supported activity in the construction sector. Inflation rose modestly during the twelve months to March, reflecting the pass-through effects of the increase in the value added tax (VAT) rate in prior periods. In monetary developments, bank liquidity declined over the review period, amid an increase in credit-mainly to the Government-while deposits firmed mildly.

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