Economic Update
Published on 05 March 2020
R
Tourist arrivals
150
thousand tourists
for February 2020
Tourist arrivals posted a decline of 11% in February 2020 when compared with February 2019. The decline in tourist arrivals during the month largely reflected the decrease in arrivals from the Asia and the Pacific region, particularly, China due to the travel restrictions imposed by the government on arrivals from China, as a measure to combat the spread of Covid-19. Meanwhile, arrivals from Europe observed a sizeable growth, driven by growth in arrivals from Russia and Italy.
R
Inflation
Measured by the annual percentage change in Consumer Price Index at the national level
0.9
percent
as at February 2020
After recording 1.2% in January 2020, the rate of inflation, as measured by the annual percentage change in the national CPI, slightly decelerated to 0.9% in February 2020. Meanwhile, the monthly percentage change in the national CPI remained largely unchanged after recording -0.1% in January 2020. The largest contributors to the annual rate of inflation during February 2020 were vegetables (0.6 percentage points), rent (0.3 percentage points); restaurants and cafe's (0.2 percentage points); and information and communication services (-0.3 percentage points).
R
Fish exports
7.7
thousand metric tonne
as at January 2020
During January 2020, the volume of fish exports posted a remarkable growth in annual terms. This was driven by a significant increase in the volume of frozen skipjack tuna, combined with increases in the volume of frozen yellowfin tuna and canned or pouched tuna exports.
M
Broad money
Entire stock of currency and various types of deposits held by the public at depository institutions in an economy
37.6
billion rufiyaa
as at February 2020
Annual broad money (M2) growth decelerated to 1% at the end of February 2020 from 12% at the end of January 2020. As for the sources, broad money growth was driven by net domestic assets owing to the increase in government securities and private sector credit, while growth in net foreign assets posted a decline.
E
Exports
Total export of goods, valued using the freight on board basis. This does not include the export of services.
40.2
million US dollar
as at January 2020
Total merchandise exports (f.o.b.) observed a growth of 32% in January 2020 when compared with January 2019. This increase in total exports was driven by both re-exports and domestic exports. The increase in domestic exports mainly stemmed from a marked increase in export earnings from frozen skipjack tuna, together with an increase in earnings from frozen yellowfin tuna; which offset the fall in earnings from canned or pouched tuna exports.
E
Imports
Total import of goods, valued including the cost of insurance and freight. This does not include the import of services.
225.6
million US dollar
as at February 2020
Total imports (c.i.f.) increased by 5% in February 2020 when compared with February 2019. The growth in imports was mainly driven by a significant increase in imports of petroleum products, combined with imports of food items; electronic and electrical appliances; and transport equipments and parts, despite a sizeable decline in construction-related imports.
E
Gross international reserves
National reserve of the country
757.4
million US dollar
as at February 2020
Gross international reserves decreased to US$757.4 million at the end of February 2020 from US$776.6 million at the end of January 2020. This was a decline of 19% and 2%, respectively, when compared with February 2019 and January 2020.