MEFD May 2016
Published: Monday July 4th, 2016
Domestic economic conditions remained relatively subdued over the review period, amid signs of the softness in tourism output, while a number of varied-scale foreign investment projects provided support to the construction sector. Reflecting the persistence of low international oil prices, inflation tapered during the 12-month period ending March. In the fiscal sector, the overall deficit deteriorated, as an increase in short-term financing to the public sector led to a rise in spending, outpacing the gains in revenue; while monetary sector developments were dominated by a reduction in broad liquidity, owing in part to a falloff in institutions’ holdings of Government securities.
