Economic output is estimated to have expanded by 1.5% in 2019, supported mainly by tourism. Meanwhile, a combination of lower than expected growth performance and a reduction in Citizenship by Investment programme revenue contributed to a slight deterioration in Central Government fiscal balances. Consequently, public debt rose. Consistent with a slightly weaker than expected economic outturn, commercial bank credit to the private sector contracted. In the external account, a narrowing of the merchandise trade deficit kept the current account in surplus.