Economic Update
Published on 13 July 2020
R
Tourist arrivals
0
tourists
for May 2020
No new tourist arrivals were registered in May 2020. The halt in tourist arrivals stemmed from the government's decision to impose travel restrictions with the temporary closure of the international border, as a measure to combat the spread of COVID-19 global pandemic.
R
Inflation
Measured by the annual percentage change in Consumer Price Index at the national level
-3.9
percent
as at May 2020
After recording -3.6% in April 2020, the rate of inflation as measured by the annual percentage change in the national CPI, declined further to -3.9% in May 2020. However, the monthly percentage change in the national CPI turned positive and recorded 0.1% in May 2020, after registering -3.2% in April 2020. The largest contributors to the annual rate of inflation during May 2020 were vegetables (0.6 percentage points); fish (0.3 percentage points) electricity (-1.9 percentage points); information and communication services (-1.1 percentage points); water supply (-0.6 percentage points); and housing rent (-0.6 percentage points).
R
Fish exports
3.2
thousand metric tonne
as at May 2020
During May 2020, the volume of fish exports posted a decline of 51% in annual terms. This was mainly due to a decline in frozen skipjack tuna, fresh or chilled yellowfin tuna, and frozen yellowfin tuna exports.
M
Broad money
Entire stock of currency and various types of deposits held by the public at depository institutions in an economy
38.7
billion rufiyaa
as at May 2020
Annual broad money (M2) growth accelerated to 6% at the end of May 2020. The acceleration in broad money growth was primarily due to a growth in narrow money, which mainly reflected an increase in transferable deposits. Meanwhile, quasi money also increased over the period, largely mirroring a slowdown in the decrease in foreign currency denominated transferable deposits.
E
Exports
Total export of goods, valued using the freight on board basis. This does not include the export of services.
11.5
million US dollar
as at May 2020
Total exports (f.o.b.) observed a decline of 64% in May 2020 when compared with May 2019, while a decline of 27% was recorded when compared with April 2020. The annual fall in total exports in May 2020 stemmed from the decrease in both re-exports and domestic exports. The decrease in domestic exports was largely driven by the decline in export earnings from frozen skipjack tuna, fresh or chilled yellowfin tuna, together with frozen yellowfin tuna exports.
E
Imports
Total import of goods, valued including the cost of insurance and freight. This does not include the import of services.
99.7
million US dollar
as at May 2020
Total imports (c.i.f.) decreased by 56% in May 2020 when compared with May 2019, while a fall of 14% was registered when compared with April 2020. Although the decline was broad-based across all major import categories, the most significant decreases were observed in imports of petroleum products, construction-related items, and food items. However, there was an increase in imports of pharmaceutical products.
E
Gross international reserves
National reserve of the country
836.9
million US dollar
as at May 2020
Gross international reserves amounted to US$836.9 million at the end of May 2020. This was a decline of 6% when compared with April 2020. However, an increase of 9% was recorded when compared with May 2019.