MEFD June 2014

Published: Tuesday August 12th, 2014

Preliminary indications are that the domestic economy sustained its mildly positive growth path over the review month, supported by modest gains in tourism output and stable contributions from foreign investment-led project activity. Reflecting the gradually improving economic environment, the unemployment rate declined over the six-months to May, while inflation was relatively benign, despite some firming in international oil prices. On the fiscal side, the overall deficit narrowed during the eleven months of FY2013/14, as broad-based gains in revenue outstripped the rise in expenditure. Monetary developments featured a continuation of elevated levels of bank liquidity, and marginal growth in external reserves, supported by tax-related foreign currency receipts.

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