Economic Update
Published on 13 June 2019
R
Tourist arrivals
163
thousand tourists
for April 2019
Tourist arrivals posted a growth of 36% in annual terms at the end of April 2019, driven by increases in arrivals from the European Market and the Asia and the Pacific market. The growth in arrivals from the European market stemmed largely from significant increases in arrivals from Germany, together with notable increases from Italy and United Kingdom. Meanwhile, the upturn in arrivals from the Asia and the Pacific market mainly reflected a significant increase in arrivals from India, followed by China and Japan.
R
Inflation
Measured by the annual percentage change in Consumer Price Index at the national level
0.9
percent
for April 2019
After four consecutive months of deflation, the rate of inflation marked a turnaround and registered 0.9% at the end of April 2019, in annual terms. Similarly, in monthly terms, the rate of inflation accelerated by 0.4%. This turnaround in the rate of inflation was contributed by increases in the price of housing rental; fruits; furniture and furnishings; and restaurants and hotels.
R
Fish exports
9.2
thousand metric tonne
as at April 2019
During April 2019, the volume of fish exports posted an annual decline of 3%. The decrease in the volume of fish exports stemmed largely from the decrease in exports of frozen skipjack tuna, followed by fresh or chilled yellowfin tuna exports.
M
Broad money
Entire stock of currency and various types of deposits held by the public at depository institutions in an economy
37.3
billion rufiyaa
as at April 2019
The annual growth rate of broad money grew by 11% at the end of April 2019, largely contributed by increase in transferable deposits of commercial banks. In addition, this reflected increases in other deposits of commercial banks and currency in circulation.
E
Exports
Total export of goods, valued using the freight on board basis. This does not include the export of services.
34.3
million US dollar
as at April 2019
Total merchandise exports (f.o.b.) increased by 2% (US$0.7 million) in annual terms at the end of April 2019. This was entirely contributed the increase in earnings from re-exports as domestic exports declined. As such re-exports posted an annual growth of 54%, reflecting the significant growth in re-exports of jet fuel to international carriers, while domestic exports declined by 19% during the period. The decline in domestic exports was due to the decline in earnings from fish exports, notably the decrease in exports earnings from frozen skipjack tuna and fresh or chilled yellowfin tuna. This decline was partially offset by the considerable growth in export earnings from canned or pouched tuna.
E
Imports
Total import of goods, valued including the cost of insurance and freight. This does not include the import of services.
250.1
million US dollar
as at April 2019
Total imports (c.i.f.) increased by 8% in annual terms during April 2019. This largely reflected the increase in expenditure on imports of food items and petroleum products. In contrast, import expenditure on construction-related items and; electrical and electronic machinery, equipment and parts declined during the period.
E
Gross international reserves
National reserve of the country
778
million US dollar
as at April 2019
Gross international reserves stood at US$778.0 million at the end of April 2019, registering a growth of 2% in annual terms and largely unchanged in monthly terms.