Economic Update
Published on 04 September 2019
R
Tourist arrivals
132
thousand tourists
for July 2019
Tourist arrivals posted an annual growth of 8% at the end of July 2019, largely driven by an increase in arrivals from the European market, together with an increase from the Asia and the Pacific market. The major contributors to the growth in arrivals from Europe were Germany, Poland, Russia and Spain. Meanwhile, the growth in arrivals from the Asia and the Pacific market were spurred on by a significant growth in arrivals from India, which curbed the drops in arrivals from rest of the major source countries such as China and Thailand.
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Inflation
Measured by the annual percentage change in Consumer Price Index at the national level
0.3
percent
for July 2019
The rate of inflation remained positive for the fourth consecutive month at the end of July 2019. However, the pace of growth decelerated and stood at 0.3% in annual terms. In monthly terms, the rate of inflation recorded a decline of -0.7%. Major contributors to the upturn in annual inflation were the prices of housing rentals; fruits; and restaurants and hotels, while inflationary pressures were dragged down largely by fish prices.
R
Fish exports
4
thousand metric tonne
as at July 2019
During July 2019, the volume of fish exports posted a growth of 7% in annual terms. This increase in the volume of fish exports stemmed largely from increases in both exports of frozen yellowfin tuna and canned or pouched tuna products, which fully offset the decline in exports of frozen skipjack tuna.
M
Broad money
Entire stock of currency and various types of deposits held by the public at depository institutions in an economy
34.6
billion rufiyaa
as at July 2019
The annual growth rate of broad money stood at 7% at the end of July 2019. This was contributed by increases in both other deposits and transferable deposits of commercial banks, despite the negative contribution from currency in circulation.
E
Exports
Total export of goods, valued using the freight on board basis. This does not include the export of services.
19.8
million US dollar
as at July 2019
Total merchandise exports (f.o.b.) fell by 23% (US$6.0 million) in annual terms at the end of July 2019. This decline was on the account of falls in both earnings from re-exports and domestic exports. As such, earnings from re-exports went down by 30% in annual terms during the period, reflecting the fall in re-exports of jet fuel to international carriers. Meanwhile, domestic exports posted an annual decline of 16%, reflecting the falls in the earnings from fish exports, notably from canned or pouched tuna and frozen skipjack tuna exports, despite a substantial increase in export earnings from frozen yellowfin tuna products.
E
Imports
Total import of goods, valued including the cost of insurance and freight. This does not include the import of services.
227
million US dollar
as at July 2019
Total imports (c.i.f.) decreased by 13% in annual terms during July 2019. This largely reflected the decrease in expenditure on imports of construction-related items; machinery and mechanical appliances; and electrical and electronic machinery, equipment and parts during the period. In contrast, import of food items remained high while imports of petroleum products observed a turnaround over the period.
E
Gross international reserves
National reserve of the country
644.1
million US dollar
as at July 2019
Gross international reserves stood at US$644.1 million at the end of July 2019, registering declines in both annual and monthly terms.