Economic Update
Published on 09 April 2019
R
Tourist arrivals
169
thousand tourists
for February 2019
Tourist arrivals posted a growth of 17% in annual terms at the end of February 2019, which was attributed to increases in arrivals from the European market and from the Asia and the Pacific market. The growth in the European market mainly reflected increases in arrivals from Italy, France, the United Kingdom and Germany. At the same time, the upturn in arrivals from the Asia and the Pacific market stemmed from increases in arrivals from India, Australia and Korea, which completely offset the decline in arrivals from China.
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Inflation
Measured by the annual percentage change in Consumer Price Index at the national level
-1.2
percent
for February 2019
The rate of inflation, while still in deflation territory, accelerated slightly at the end of February 2019, having posted a decline of -1.3% at the end of January 2019. Similar to the previous month, this was on account of decreases in the prices of food, particularly staple foods and vegetables, together with a decline in the price of electricity. These declines completely offset increases in the prices of housing rentals and fruits during the period.
R
Fish exports
12.4
thousand metric tonne
as at December 2018
During December 2018, the volume of fish exports registered a substantial annual increase of 14%. The increase in the volume of fish exports was largely observed in frozen skipjack tuna and canned or pouched tuna exports. Meanwhile, the volume of exports for frozen yellowfin tuna and fresh or chilled yellowfin tuna products declined during the period.
M
Broad money
Entire stock of currency and various types of deposits held by the public at depository institutions in an economy
37.2
billion rufiyaa
as at February 2019
The annual growth rate of broad money accelerated to 12% at the end of February 2019. During the period, the growth was largely contributed by increases in transferable deposits of commercial banks, other deposits of commercial banks, as well as currency in circulation.
E
Exports
Total export of goods, valued using the freight on board basis. This does not include the export of services.
39.8
million US dollar
as at December 2018
Total merchandise exports (f.o.b.) increased by US$2.7 million in annual terms during December 2018. This was entirely due to an increase in the earnings from merchandise re-exports. Earnings from domestic exports observed a decline of 2% during the period, reflecting particularly, the decrease in the exports earnings from fresh or chilled yellowfin tuna products. This decrease fully offset the increase in the exports earnings from canned or pouched tuna products.
E
Imports
Total import of goods, valued including the cost of insurance and freight. This does not include the import of services.
266.7
million US dollar
as at December 2018
Total imports (c.i.f.) rose by 21% in annual terms during December 2018. The annual growth of imports expenditure largely reflected the increased expenditure on imports of transport equipment and parts, petroleum products, particularly diesel and petrol, and furniture, fixtures and fittings. This growth was partially curbed by the decrease in the imports expenditure on electrical and electronic machinery and equipment, together with construction-related items during the period.
E
Gross international reserves
National reserve of the country
938.6
million US dollar
as at February 2019
Gross international reserves stood at US$938.6 million at the end of February 2019, registering a growth of 32% in annual terms and an increase of 24% in monthly terms.