MEFD August 2013

Published: Wednesday October 2nd, 2013

Domestic economic activity remained relatively subdued in August, amid ongoing softness in the tourism sector’s performance, although foreign investment-related construction activity continued to provide a steady positive contribution. In other real sector outcomes, consumer price indications featured modest gains in domestic fuel costs, due to the recent firming in global oil prices. The fiscal deficit declined for the first month of FY2013/14, reflecting broad-based gains in revenues, combined with a lower aggregate expenditure level. In the monetary sector, both liquidity and external reserves contracted moderately in August, consistent with the seasonal increase in foreign currency demand to facilitate current payments.

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