Economic Update
Published on 02 December 2019
R
Tourist arrivals
142
thousand tourists
for October 2019
Tourist arrivals posted a growth of 11% at the end of October 2019 when compared with October 2018. The growth in tourist arrivals during the month largely reflected the boost in arrivals from the emerging source market of India, while arrivals from Europe, particularly Russia and UK, also contributed to the growth.
R
Inflation
Measured by the annual percentage change in Consumer Price Index at the national level
0.8
percent
for October 2019
The rate of inflation as measured by the annual percentage change in the national CPI picked up to 0.8% in October 2019 from 0.02% in September 2019. Likewise, the monthly percentage change in the national CPI rose to 0.3% in October 2019 from -0.2% in September 2019. The largest contributors to the annual rate of inflation were rent (0.6 percentage points), vegetables (0.6 percentage points), information and communication (-0.3 percentage points); and domestic passenger air transport (-0.3 percentage points).
R
Fish exports
2.8
thousand metric tonne
as at October 2019
During October 2019, the volume of fish exports posted a growth of 10% in annual terms. This was driven by increases in both the volume of frozen skipjack tuna and yellowfin tuna exports, which offset the decline in export of canned or pouched tuna.
M
Broad money
Entire stock of currency and various types of deposits held by the public at depository institutions in an economy
34.7
billion rufiyaa
as at October 2019
Annual broad money (M2) growth picked up to 11% at the end of October 2019. The acceleration in broad money growth was almost entirely due to an increase in quasi money, while narrow money recorded a marginal growth, owing to an increase in transferable deposits.
E
Exports
Total export of goods, valued using the freight on board basis. This does not include the export of services.
20.7
million US dollar
as at October 2019
Total merchandise exports (f.o.b.) observed a modest decline in October 2019 when compared with October 2018. The decline total exports stemmed primarily from a fall in domestic exports, as re-exports recorded an upsurge during the period. The decrease in domestic exports was mainly owing to a marked fall in export earnings from canned or pouched tuna during the review period. This decline was offset to an extent by growth in earnings from frozen yellowfin tuna and skipjack tuna exports; and processed fish.
E
Imports
Total import of goods, valued including the cost of insurance and freight. This does not include the import of services.
266.8
million US dollar
as at October 2019
Total imports (c.i.f.) increased by 11% in October 2019 when compared with October 2018. The growth in total imports mainly stemmed from the substantial increase in imports of transport equipments and parts; construction-related items and petroleum products.
E
Gross international reserves
National reserve of the country
607
million US dollar
as at October 2019
Gross international reserves stood at US$607.0 million at the end of October 2019, registering a significant growth in both monthly and annual terms.