Economic Update
Published on 12 November 2019
R
Tourist arrivals
118
thousand tourists
for September 2019
Tourist arrivals posted a growth of 9% at the end of September 2019 when compared with September 2018. Growth in arrivals during the month was largely boosted by the robust growth in arrivals from India which has more than doubled when compared with the previous year, followed by noticeable growth in arrivals from Italy, Russia and Poland.
R
Inflation
Measured by the annual percentage change in Consumer Price Index at the national level
0.02
percent
for September 2019
The rate of inflation as measured by the annual percentage change in the national CPI picked up to 0.02% in September 2019 from -0.4% in August 2019. In contrast, the monthly percentage change in the national CPI fell to -0.2% in September 2019 from 0.6% in August 2019. The largest contributors to the annual rate of inflation were rent (0.6 percentage points), fruits (0.2 percentage points), information and communication (-0.4 percentage points); and vegetables (-0.2 percentage points).
R
Fish exports
5.1
thousand metric tonne
as at September 2019
During September 2019, the volume of fish exports posted a significant increase of 2.7 thousand metric tons in annual terms. This was almost entirely driven by increase in the volume of frozen skipjack tuna exports.
M
Broad money
Entire stock of currency and various types of deposits held by the public at depository institutions in an economy
33.8
billion rufiyaa
as at September 2019
Broad money (M2) recorded an annual growth rate of 7% for the fourth consecutive month at the end of September 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.
22.3
million US dollar
as at September 2019
Total merchandise exports (f.o.b.) fell by 11% (US$2.9 million) in September 2019 when compared with September 2018. The decline in total exports stemmed from a decrease in re-exports, despite an increase in domestic exports during the review period. The decline in re-exports broadly reflected the base effect of the re-export of a project-related capital good. Meanwhile, domestic exports were driven by a significant upturn in fish exports, the largest component of domestic exports.
E
Imports
Total import of goods, valued including the cost of insurance and freight. This does not include the import of services.
245
million US dollar
as at September 2019
Total imports (c.i.f.) increased by 4% in September 2019 when compared with September 2018. The growth in total imports mainly stemmed from the substantial increase in imports of transport equipment and parts; and food items.
E
Gross international reserves
National reserve of the country
530.8
million US dollar
as at September 2019
Gross international reserves stood at US$530.8 million at the end of September 2019, registering a decline in both monthly and annual terms.