MEFD July 2015

Published: Monday August 31st, 2015

The pace of domestic economic growth continued to be relatively mild over the review period, underpinned by the favourable tourism performance and on-going foreign investment-led construction activity. Temporary hiring for cultural events helped to secure gains in employment conditions over the six months to May, and the sustained contraction in global oil prices kept domestic inflation subdued. In a positive development, the fiscal deficit narrowed over the eleven (11) months of FY2014/15, as the receipt of Value Added Taxes (VAT) buoyed gains in revenues. Meanwhile, monetary sector developments reported strengthened positions for both liquidity and external reserves, on account of foreign currency inflows from real sector activities.

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