Monthly Economic and Financial Developments (MEFD) September 2025
Published: Monday November 3rd, 2025
Economic indicators suggest that the domestic economy’s expansion pace was sustained at a tempered pace during September 2025, vis-à-vis the same period in 2024, as key performance indicators continued to align more closely with their medium-term potential. Tourism output growth, while healthy, was moderate compared to 2024, as the high value-added stopover segment continued to face capacity constraints. Nevertheless, earnings from the cruise segment remained robust. On the fiscal front, provisional data on the Government’s budgetary operations for FY2024/25 showed that the deficit narrowed relative to FY2023/24, as the growth in total revenue outstripped the rise in aggregate expenditure. Monetary trends during the month of September featured a decline in the narrow measure of bank liquidity, as the expansion in domestic credit outpaced the buildup in the deposit base. Likewise, external reserves decreased, owing to net foreign currency outflows through the public and private sectors.
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