Monthly Economic and Financial Developments (MEFD) August 2025

Published: Monday September 29th, 2025

Preliminary indicators are that the domestic economy grew at a moderated paced up through the month August, relative to the year earlier, as performance indicators continued to trend closer to their expected medium-term potential. Notably, tourism output rose at a slower pace, as a result of more constrained activity in the high value-added stopover segment, although the cruise sector earning growth remained buoyant. Further, on the labour front, the unemployment rate increased for the first quarter of 2025, vis-à-vis the final quarter of 2024, owing in part an estimated decrease in employed persons, and a rise in the labour force participation rate. Monetary trends for August were marked by a contraction in banking sector liquidity, as the growth in domestic credit outpaced the rise in the deposit base. Further, external reserves decreased, underpinned by net foreign currency outflows through both the public and private sectors.

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