MEFD October 2013
Published: Thursday December 5th, 2013
Early indications are that domestic economic conditions were relatively subdued in October, amid a lacklustre tourism performance, although foreign investment-led construction activity continued to secure a modest growth outcome. Price developments were relatively benign, as average domestic energy costs decreased over the review month. On the fiscal side, the overall deficit narrowed during the first quarter of FY2013/14, owing to a combination of higher revenue collections and reduced expenditure. In the monetary sector, both bank liquidity and external reserves expanded, primarily reflecting Government’s external borrowing activities.
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