Highest monthly record of remittance receipts so far throughout 2016
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- Category: Economic Release
Remittance receipts grew even though the June and July’s festivities are over. August 2016 recorded total remittance receipts of $24.8 million, $2.7 million (12.0%) higher than July, and $4.3 million (21.1%) higher than August 2015. This is the highest monthly record of remittance receipts so far in 2016. Read more in the Remittances Report for August.
Monthly Economic Review for September
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- Category: Economic Release
The indicators of local economic activities in September were mixed but overall, broadly positive. The NRBT’s expectation for strong domestic economic activity remains in the near term. The level of foreign reserves is also expected to remain comfortable supported by higher expected receipts of remittances and foreign aid, despite the projected rise in imports.
New duties driving higher annual inflation rate
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- Category: Economic Release
Annual inflation rose by 7.0%. The significant rise stems from the new customs duties on imported food products as well as domestic prices being at very low levels last year. However, over the month of September 2016, the monthly headline inflation rate fell by 0.3%. Read more in the latest Inflation Rate Report for September.
Yam exports driving monthly decline
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- Category: Economic Release
The total volume of agricultural exports declined over the month by 173.0 tonnes (19.7%) to 707.3 tonnes, indicating a slowdown in harvesting season. All categories of root crops decreased with yam recording the highest decline of 117.8 tonnes (42.8%), particularly late yams. Read more in the Agricultural Exports Volumes Report for August.
High number of cargo ships contributed to rise in registrations
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- Category: Economic Release
At the end of August 2016, a total number of 793 containers were registered. An increase of 2 vessels in the number of cargo ships that arrived in August 2016 contributed to the higher registrations over the month of 62 containers (8.5%). Read more in the Container Registrations Report for August.
Vehicle registrations slowed over the month
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- Category: Economic Release
The total number of vehicle registrations declined over the month of August 2016. Almost all categories fell except government vehicle registrations. Light vehicles fell by 19 vehicles (15.4%), cars decreased by 15 vehicles (12.4%), heavy vehicle by 11 vehicles (31.4%) Read more in the Vehicle Registrations Report for August.
Festivities ends causing decline in registrations
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- Category: Economic Release
Over the month of July 2016, 731 containers were registered with the majority being business containers. Total registrations dropped by 201 containers (21.6%), following a strong month in June 2016. Both business and private containers contributed to the monthly decrease. Read more in the Container Registrations Report for July.
Tuna drove a significant rise in export volume
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- Category: Economic Release
The NRBT expects the fisheries sector will continue to grow, with tuna exports being the main contributor. The Ministry of Fisheries plans to expand the pearl industry, and new markets available for seaweed exports in the coming year would contribute to the expected 2.0% growth in the fisheries sector for 2016/17. Read more in the Marine Exports Volume for July 2016.
A steady growth in vehicle registrations for July
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- Category: Economic Release
A steady growth was reported for the month of July which recorded 307 vehicle registrations. Vehicles registered increased by 7 vehicles (2.3%) compares to that of the previous month. Read more in the Vehicle Registrations Report for July.
Strong growth is expected to 2016/17 financial year
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- Category: Economic Release
Activity in the tourism industry slowed down over the month following the completion of festivities and events that took place in the previous month. The total number of international arrivals1 declined by 3,073 passengers (25.8%), due to decreases in all categories. Read more in the International Arrivals and Departures report for July.
Higher exports at beginning of financial year
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- Category: Economic Release
By end of July 2016, the agricultural exports volume recorded 879.9 tonnes, this is the highest monthly exports for 2016, 365.5 tonnes (71.1%) more compared to the previous month. This was mainly due to a significant increase in the volume of cassava exports, rising by 283.2 tonnes (200.8%). Read more in the Agricultural Exports Volumes Report for July.
