Monthly Economic and Financial Developments (MEFD) December 2024
Published: Monday February 3rd, 2025
Indications are that the domestic economy’s growth trajectory moderated during the month of December, in comparison to the same period the previous year, as economic indicators continued to normalize closer to their expected medium-term potential. While tourism activity remained healthy, output was tempered owing to capacity constraints in the high value-added stopover component, in contrast to robust gains in the cruise segment. Monetary sector developments featured a contraction in banking sector liquidity, as the expansion in domestic credit outpaced the buildup in the deposit base. Meanwhile, the reduction in external reserves slowed, mainly due to net foreign currency inflows through the private sector, which offset net public sector outflows.
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