MEFD November 2014

Published: Tuesday December 23rd, 2014

Indications are that the domestic economy continued to grow at a moderate pace during the review month, sustained by improvements in tourism output, which benefitted from the hosting of a major sporting event, and construction activity linked to on-going foreign investment-funded projects. Inflationary pressures were contained, as sharply declining global oil prices translated into lower domestic energy costs. Fiscal developments featured a widening of the Government’s overall deficit during the first quarter of FY2014/15, as expenditure gains outpaced revenue growth. In the monetary sector, there was a modest contraction in external reserves, owing to the seasonal firming in domestic demand, while an increase in Central Bank financing to the Government augmented bank liquidity levels.

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