MEFD November 2015
Published: Wednesday December 23rd, 2015
Provisional indicators suggest that the domestic economy continued to expand at a modest pace during the review period, underpinned by gains in tourism output over the start of the key winter season, while construction activity benefited from several foreign investment projects. Reflecting the persistent decline in international oil prices, domestic energy costs maintained a downward trajectory. The fiscal deficit contracted significantly during the first four months of FY2015/16, as a VAT-led surge in revenues surpassed the growth in expenditure. In the monetary sector, both liquidity and external reserves expanded in November, mainly due to net foreign currency inflows from real sector activities.
