Economic Update
Published on 08 August 2019
R
Tourist arrivals
113
thousand tourists
for June 2019
Tourist arrivals posted an annual growth of 21% at the end of June 2019, largely driven by increases in arrivals from the Asia and the Pacific market, as well as the European market. The growth in arrivals from the Asia and the Pacific market were spurred on by India and China, which curbed the drops in arrivals from Malaysia and Thailand. The major contributors to the growth in arrivals from Europe were Germany, Russia and Italy. Meanwhile, there was also a notable increase in arrivals from the Middle East market, mainly stemming from Saudi Arabia.
R
Inflation
Measured by the annual percentage change in Consumer Price Index at the national level
1.6
percent
for June 2019
The rate of inflation accelerated for the third consecutive month and registered 1.6% at the end of June 2019, in annual terms. Similarly, the rate of inflation recorded an acceleration of 0.2% in monthly terms. Major contributors to the upturn in inflation were the prices of housing rentals; fruits; fish; and restaurants and hotels.
R
Fish exports
1.7
thousand metric tonne
as at June 2019
During June 2019, the volume of fish exports posted a growth of 7% in annual terms. This increase in the volume of fish exports stemmed largely from the increase in exports of canned or pouched tuna products.
M
Broad money
Entire stock of currency and various types of deposits held by the public at depository institutions in an economy
35.2
billion rufiyaa
as at June 2019
The annual growth rate of broad money was recorded at 7% at the end of June 2019, mainly contributed by the increase in other deposits and transferable deposits of commercial banks. Currency in circulation also positive contributed to this growth.
E
Exports
Total export of goods, valued using the freight on board basis. This does not include the export of services.
14.1
million US dollar
as at June 2019
Total merchandise exports (f.o.b.) decreased marginally (US$0.1 million) in annual terms at the end of June 2019. This decline was largely attributed to the drop in earnings from domestic exports, which curbed the increase in earnings from re-exports. As such, domestic exports posted an annual decline of 8%, reflecting the falls in the earnings from fish exports, notably from frozen yellowfin tuna and fresh or chilled yellowfin tuna. This was despite the rise in export earnings from canned or pouched tuna products. Meanwhile, earnings from re-exports grew by 7% in annual terms during the period. This chiefly reflected the growth in re-exports of jet fuel to international carriers.
E
Imports
Total import of goods, valued including the cost of insurance and freight. This does not include the import of services.
210.3
million US dollar
as at June 2019
Total imports (c.i.f.) decreased by 9% in annual terms during June 2019. This largely reflected the decrease in expenditure on imports of construction-related items; petroleum products, particularly of aviation gas; transport equipment and parts; machinery and mechanical appliances; and electrical and electronic machinery, equipment and parts during the period.
E
Gross international reserves
National reserve of the country
677.4
million US dollar
as at June 2019
Gross international reserves stood at US$677.4 million at the end of June 2019, registering declines in both annual and monthly terms.