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Monthly Economic and Financial Developments (MEFD) Report May 2024

Published: Monday July 1st, 2024

Provisional data suggest that the domestic economy sustained its growth momentum during the month of May, although at a more moderate pace, as economic indicators continued to move closer to their expected medium-term potential. Tourism output maintained its healthy growth, undergirded by robust gains in both the high value-added air segment and the sea component, as the demand for travel in key source markets persisted. Further, labour market conditions showed improvement over the last quarter of 2023, reflective of the ongoing strengthening in economic activity. Monetary sector developments for the month of May featured a reduction in bank liquidity, as the increase in domestic credit, outpaced the rise in the deposit base. Simialry, external reserves decreased, owing primarily to net foreign currency outflows through the public sector, which offset net private sector inflows.

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