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MEFD December 2020

Published: Monday February 1st, 2021

During the month of December, domestic economic activity continued to be dominated by the spread of the Novel Coronavirus (COVID-19). In this context, globally imposed containment measures impeded tourism sector activity, as the high value-added air component recorded historically low levels of visitors, while the sea segment remain at a standstill. Nonetheless, ongoing foreign direct investment projects and post-Hurricane rebuilding works provided stimulus to the construction sector. In terms of prices, the domestic inflation rate narrowed during the twelve months to November, reflecting a decline in fuel costs. Monetary developments registered a moderation in the growth of bank liquidity during the review month, with the contraction in domestic credit outstripping the reduction in the deposit base. However, external reserves expanded, bolstered by net public sector debt inflows.


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