Economy News Update: The trade deficit contracted in October 2019 (year-on-year), with the decline in expenditure on imports and a marginal decline in earnings from exports. The trade deficit contracted during the first ten months of 2019 compared to the corresponding period in 2018, as a result of the notable decline in cumulative expenditure on imports along with increased cumulative earnings from exports.
Meanwhile, the drop in tourist arrivals was contained further in October 2019. Workers’ remittances improved (year-on-year) in October 2019, although a cumulative decline was recorded. In the financial account, foreign investment in the CSE recorded a net outflow while the government securities market recorded a marginal net inflow in October 2019. The exchange rate recorded mixed movements during the month of October and remained appreciated against the US dollar so far during the year.