Economic Update
Published on 06 September 2020
R
Tourist arrivals
1.8
thousand tourists
for July 2020
No new tourist arrivals were registered in June 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
-1.1
percent
as at July 2020
The rate of inflation, as measured by the annual percentage change in the national CPI, continued to remain in negative territory, but edged up to -1.1% in July 2020 from -4.5% in June 2020. Meanwhile, the monthly percentage change in the national CPI turned positive and registered 2.8% in July 2020, after recording -0.4% in June 2020. The largest contributors to the annual rate of inflation during July 2020 were information and communication services (-0.9 percentage points); housing rent (-0.8 percentage points); vegetables (0.5 percentage points) and fish (0.1 percentage point).
R
Fish exports
2
thousand metric tonne
for July 2020
During July 2020, the volume of fish exports posted a 42% decrease in annual terms. This was mainly due to the substantial decline in frozen skipjack tuna exports together with frozen yellowfin tuna and fresh or chilled 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
37.7
billion rufiyaa
as at July 2020
Broad money (M2) growth accelerated to 9% in annual terms at the end of July 2020, after registering 7% during the previous month. 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 observed a decrease owing to a decline in foreign currency transferable deposits, despite increases in time and savings deposits denominated in both local and foreign currency.
E
Exports
Total export of goods, valued using the freight on board basis. This does not include the export of services.
11.1
million US dollar
for July 2020
Total exports (f.o.b.) observed an annual decline of 44% in July 2020 when compared with July 2019, while a decrease of 26% was recorded when compared with June 2020. The annual decline in total exports stemmed largely from a sizeable decline in re-exports, together with a decrease in domestic exports. The decrease in domestic exports was largely due to fall in export earnings from fresh or chilled yellowfin tuna and frozen skipjack tuna, which were partially offset by increases in canned or pouched tuna and dried tuna exports.
E
Imports
Total import of goods, valued including the cost of insurance and freight. This does not include the import of services.
123.3
million US dollar
for July 2020
Total imports (c.i.f.) declined by 46% in July 2020 when compared with July 2019, while a decrease of 9% was registered when compared with June 2020. Although the annual decline was broad-based across all major import categories, the most significant decreases were observed in imports of food items, petroleum products and construction-related items. In contrast, imports of chemical and chemical products observed an expansion during the period.
E
Gross international reserves
National reserve of the country
649.4
million US dollar
as at July 2020
Gross international reserves decreased to US$649.4 million at the end of July 2020 from US$702.4 million at the end of June 2020. This was a decline of 8% when compared with June 2020. However, an increase of 1% was recorded when compared with July 2019.