The local economy experienced a steady rise in activity in major non-energy sectors.
An increase in the unemployment rate is also recorded in the first quarter of this year.
These are some of the findings revealed in the Central Bank’s latest monetary policy announcement.
It said the unemployment rate increased to 4.9 per cent in the first quarter of 2023 from 4.7 per cent in the fourth quarter of 2022.
It said in the second quarter of 2023, indicators monitored by the Central Bank revealed heightened activity in areas such as Transportation and Storage, Wholesale and Retail Trade, Electricity and Water and Construction.
Domestically, data from the Central Statistical Office indicate real Gross Domestic Product grew by 3.0 per cent (year-on-year) in the first quarter of 2023 reflecting strong expansion in the non-energy sector (4.2 per cent) accompanied by marginal growth in the energy sector (0.3 per cent).
The next Monetary Policy Announcement is scheduled for December 29, 2023.