Economic Release
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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- Category: Economic Release
The Consensus Forecasts in its July 2016 update predicted further policy easing in many Asian countries in the near future due to the Brexit uncertainty and the associated downside risks to the global economy. The outlook for the United States (US), Australia, Japan and noticeably in the UK has been revised down for 2017. Meanwhile, growth in the US, Australia and New Zealand in Q1 remained robust while growth in the Chinese economy continued to slow down in Q2.
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A decrease in business loans over the month outweighed an increase in household loans. As a result, lending in the banking sector slightly declined by $0.4 million (0.1%) to $351.9 million, following 18 consecutive months of credit growth. Find out more in the Banking Sector Developments report for July 2016.
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The events during the month of June 2016 supported the higher container registrations, recording a total number of 932 containers. This is an increase of 65 containers (7.5%) from May 2016 and it was mainly driven by a rise of 73 private containers (19.4%), more than offsetting a fall in business containers by 8 registrations (1.6%). Read more in the Container Registrations Report for June.
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Global growth continued to remain relatively stable. The U.S. according to the Consensus Forecasts experienced soft GDP growth of 1.2% in the June quarter due to weak growth indicators within the manufacturing and service sectors. Whereas for the Euro Zone’s GDP growth halved over the June quarter compared to 0.6% growth in March quarter.
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High inflows of official transfers resulted in a significant increase in total OET receipts for the month of April 2016 to $58.5 million, $13.7 million (30.5%) higher than March 2016. Also in the same month, Total OET payments markedly increased over the month of May 2016 by $8.5 million (18.3%) to $55.1 million. You can find out more about this in the Overseas Exchange Transactions report for May 2016.
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Headline inflation over the month of July was 2.8%. This was driven by a rise in prices of imported food; tobacco and alcohol, with the introduction of a new excise tax. Prices of imported transportation (fuel) contributed as well. In year ended terms, headline inflation was at its highest for this year at 1.6%, surpassing a peak of 1.4% back in March 2016. Read more in the latest Inflation Rate Report for July.
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A total of 176.8 metric tons of marine exports1 were recorded in May 2016, which is an increase in the total volume by 34.3 metric tons (24.1%) compared to April 2016. Read more in the Marine Exports Volume for May 2016.
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Monthly headline inflation rose over June by 0.5%. This was driven by a rise in prices of imported fuel and Kava powder from the domestic basket components. In year ended terms, headline inflation was 0.1%. The rise in prices of domestic components were more than enough to offset a decline in the prices of imported goods. Read more in the latest Inflation Rate Report for June.
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New vehicle registrations rose significantly in May by 110 new registered vehicles (44.0%), reaching a new monthly high record of 360 new registrations, the highest since December 2015. Read more in the Vehicle Registrations Report for May.
