Economic Update
Published on 11 July 2019
R
Tourist arrivals
103
thousand tourists
for May 2019
Tourist arrivals posted an annual growth of 11% at the end of May 2019, driven by an increase in arrivals from the Asia and the Pacific market, which curbed the negative outturn from the European market. Arrivals from India and China were the major contributors to the growth from the Asia and the Pacific market. In contrast, arrivals from the European market decreased owing to decline in arrivals from Germany, despite positive contributions from Russia and United Kingdom.
R
Inflation
Measured by the annual percentage change in Consumer Price Index at the national level
1.5
percent
for May 2019
The rate of inflation accelerated for the second consecutive month and registered 1.5% at the end of May 2019, in annual terms. Similarly, the rate of inflation recorded an acceleration of 0.3% in monthly terms. Major contributors to the upturn in inflation were the price of housing rental; fruits; furniture and furnishings; and restaurants and hotels.
R
Fish exports
6.6
thousand metric tonne
as at May 2019
During May 2019, the volume of fish exports posted an annual growth of 50%. This increase in the volume of fish exports stemmed largely from the increase in exports of frozen skipjack tuna and frozen yellowfin tuna.
M
Broad money
Entire stock of currency and various types of deposits held by the public at depository institutions in an economy
36.5
billion rufiyaa
as at May 2019
The annual growth rate of broad money was recorded at 8% at the end of May 2019, mainly contributed by the 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.
31.7
million US dollar
as at May 2019
Total merchandise exports (f.o.b.) increased by 40% (US$9.0 million) in annual terms at the end of May 2019. This was largely driven by a significant increase in earnings from re-exports coupled with a turnaround in earnings from domestic exports. As such, re-exports posted an annual growth of 83%, reflecting the significant growth in re-exports of jet fuel to international carriers, while domestic exports increased by 9% during the period. This turnaround in domestic exports stemmed primarily from the increase in earnings from fish exports, notably the increase in exports earnings from frozen yellowfin tuna and frozen skipjack tuna, despite fall in earnings from fresh or chilled yellowfin tuna and 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.
231.7
million US dollar
as at May 2019
Total imports (c.i.f.) increased by 5% in annual terms during May 2019. This largely reflected the increase in expenditure on imports of petroleum products and; transport equipments and parts, which offset the decline in import expenditure on construction-related items and; machinery and mechanical appliances during the period.
E
Gross international reserves
National reserve of the country
766.7
million US dollar
as at May 2019
Gross international reserves stood at US$766.7 million at the end of May 2019, registering a marginal decline in both annual and monthly terms.