Data published by the Central Statistical Office shows real Gross Domestic Product (GDP) expanded in the First Quarter of 2024.
This was revealed in the Monetary Policy Report for November 2024, published by the Central Bank.
According to statistics, in the first Quarter of 2024, real GDP grew by 1.5% on account of the expansion of the non-energy sector by 1.8% and a marginal increase in the energy sector of 0.9%.
Export earnings fell in Quarter 2 of 2024 to negative 6.4% owing to softer international commodity prices and lower export volumes.
Inflation eased in October 2024, food and core inflation reached 2.4% and negative 0.3%, respectively.
The Central Bank highlights the local market for foreign currency remained tight and notes purchases and sales of foreign exchange by authorised dealers declined over January to October 2024 compared to one year earlier.