Monthly Economic and Financial Developments (MEFD) November 2025

Published: Monday December 22nd, 2025

Indications are that during the month of November, the domestic economy’s tempered pace of growth persisted, relative to the corresponding period in 2024, with key economic indicators converging closer to their medium-term potential. Although tourism continued to register healthy growth, inflows remained tempered by subdued performance in the high-value-added stopover category, given constrained accommodation capacity and softer demand from the United States market. However, healthy gains persisted in the cruise sector. In labour market developments, the unemployment rate declined in the second quarter of 2025, compared with the first quarter, bolstered by a reduction in the number of unemployed persons. With regard to prices, average consumer prices posted a marginal decline over the 12 months to July 2025, in contrast to upward movements over the same period last year, mainly reflective of a decrease in fuel and energy-related costs of goods and services. Monetary trends for November were marked by a buildup in banking sector liquidity, despite an expansion in domestic credit, which outpaced the accumulation in the deposit base. However, external reserves decreased during the review month, reflective of net foreign currency outflows through the private and public sectors.

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