Economic Update
Published on 09 October 2019
R
Tourist arrivals
139
thousand tourists
for August 2019
Tourist arrivals posted an annual growth of 12% at the end of August 2019, largely driven by an increase in arrivals from both Asia and the Pacific market and the European market. The growth in arrivals from the Asia and the Pacific region were driven by a significant growth in arrivals from India. Meanwhile, the major contributors to the growth in arrivals from Europe were Italy, Poland, as well as Germany and Russia.
R
Inflation
Measured by the annual percentage change in Consumer Price Index at the national level
-0.4
percent
for August 2019
The annual rate of inflation turned negative and stood at -0.4% at the end of August 2019, after four consecutive months of positive growth. In contrast, in monthly terms, the rate of inflation marked a turnaround and was recorded at 0.6%. Major contributors to the annual downturn in inflation were the decrease in price of vegetables and fish prices, while prices of housing rentals; fruits; and restaurants and hotels, continued to exert upward inflationary pressures.
R
Fish exports
1.7
thousand metric tonne
as at August 2019
During August 2019, the volume of fish exports posted a decline of 34% in annual terms. This broadly reflected decreases in the volume of fish exports from all the major types of fish exports including exports of frozen skipjack tuna, fresh or chilled yellowfin tuna, canned or pouched tuna and frozen yellowfin tuna products.
M
Broad money
Entire stock of currency and various types of deposits held by the public at depository institutions in an economy
34.3
billion rufiyaa
as at August 2019
The annual growth rate of broad money stood at 7% at the end of August 2019. This was contributed by increases in both transferable deposits and other deposits of commercial banks, despite the negative contribution from currency in circulation.
E
Exports
Total export of goods, valued using the freight on board basis. This does not include the export of services.
18
million US dollar
as at August 2019
Total merchandise exports (f.o.b.) fell by 24% (US$5.6 million) in annual terms at the end of August 2019. This decline was on the account of declines in both earnings from domestic exports and re-exports. As such, domestic exports posted an annual decline of 30%, reflecting the fall in earnings from fish exports, notably from fresh or chilled yellowfin tuna, canned or pouched tuna and frozen skipjack tuna exports, despite an increase in export earnings from frozen yellowfin tuna. Meanwhile, earnings from re-exports declined by 19% in annual terms during the period, reflecting the base effect of re-exporting a luxury yacht (for tourism purpose) in the preceding year.
E
Imports
Total import of goods, valued including the cost of insurance and freight. This does not include the import of services.
209.1
million US dollar
as at August 2019
Total imports (c.i.f.) decreased by 19% in annual terms during August 2019. This largely reflected significant decreases in expenditure on imports of construction-related items and petroleum products. In addition, decreases were observed in imports of medical and surgical supplies; and electrical and electronic machinery, equipment and parts during the period.
E
Gross international reserves
National reserve of the country
612.1
million US dollar
as at August 2019
Gross international reserves stood at US$612.1 million at the end of August 2019, registering a decline in monthly terms as well as a slight decline in annual terms.