MEFD May 2013

Published: Tuesday July 2nd, 2013

Preliminary indicators suggest that domestic economic conditions were relatively subdued over the review month, reflecting the ongoing softness in the key tourism sector, alongside stable gains in foreign investment-led construction activity. As a consequence, employment conditions remained challenging, while the downward trajectory in international oil prices contributed to a decline in local energy costs. In the monetary sector, bank liquidity remained buoyant, amid lacklustre private sector credit activity, while external reserves contracted, due to the sustained demand for foreign currency to facilitate current payments and relatively weak receipts from real sector activities.

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