Economic Update
Published on 22 June 2020
R
Tourist arrivals
0
tourists
for April 2020
No new tourist arrivals were registered in April 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
-3.6
percent
as at April 2020
After recording 0.002% in March 2020, the rate of inflation as measured by the annual percentage change in the national CPI, turned negative to -3.6% in April 2020. Meanwhile, monthly percentage change in the national CPI declined further to -3.2% in April 2020 after recording -1.1% in March 2020. The largest contributors to the annual rate of inflation during April 2020 were vegetables (0.8 percentage points); electricity (-1.9 percentage points); information and communication services (-1.1 percentage points); water supply (-0.6 percentage points) and housing rent (-0.5 percentage points).
R
Fish exports
6.6
thousand metric tonne
as at April 2020
During April 2020, the volume of fish exports posted a decline of 14% in annual terms. This was mainly due to a decline in frozen skipjack tuna, fresh or chilled yellowfin tuna, and canned or pouched tuna exports. In contrast, exports of frozen yellowfin tuna exports observed an increase over the period.
M
Broad money
Entire stock of currency and various types of deposits held by the public at depository institutions in an economy
38.1
billion rufiyaa
as at April 2020
Annual broad money (M2) growth accelerated slightly to 2% at the end of April 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 declined further over the period, mirroring a decrease in transferable deposits denominated in foreign currency.
E
Exports
Total export of goods, valued using the freight on board basis. This does not include the export of services.
15.9
million US dollar
as at April 2020
Total exports (f.o.b.) observed a decline of 54% in April 2020 when compared with April 2019. The fall in total exports in April 2020 stemmed from the decrease in both re-exports and domestic exports. The decrease in domestic exports was driven by the decline in export earnings from fresh or chilled yellowfin tuna, frozen skipjack tuna, and canned or pouched tuna exports, despite an increase in export earnings from frozen yellowfin tuna.
E
Imports
Total import of goods, valued including the cost of insurance and freight. This does not include the import of services.
116.2
million US dollar
as at April 2020
Total imports (c.i.f.) decreased by 53% in April 2020 when compared with April 2019. Although the decline was broad-based across all major import categories, the most significant decreases were observed in imports of constructed-related items, petroleum products and food items.
E
Gross international reserves
National reserve of the country
889.4
million US dollar
as at April 2020
Gross international reserves amounted to US$889.4 million at the end of April 2020. This was a growth of 14% and 20%, when compared with April 2019 and March 2020, respectively.