Monthly Economic and Financial Developments (MEFD) March 2024

Published: Monday April 29th, 2024

Preliminary indications are that the domestic economy’s growth pace, though healthy, was moderated during the month of March, compared to 2023, as economic indicators continued to converge closer to their expected medium-term trajectory. The tourism sector momentum was supported by robust gains in both the high-value air traffic and the sea component, reflective of the sustained demand for travel in key source markets. Monetary trends featured an accumulation in banking sector liquidity, undergirded by a buildup in the deposit base, which outpaced the rise in the domestic credit. In addition, external reserves grew, benefitting from net foreign currency inflows from the private sector.

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