The COVID-19 pandemic slowed economic growth to 1.2% in 2020, after expanding by 3.9% in 2019. Declines in both government consumption and investment were offset by growth in net exports and in private consumption. On the supply side, rising production from a new oil refinery increased growth in the oil and gas sector. This cushioned a contraction in services and other industries. While the economy is projected to grow by 2.5% in 2021 and 3.0% in 2022, growth may be dependent on an external environment expecting a recovery in global demand and higher oil and gas prices.
|Broad Money Growth 1||6.0 (Jul21)||6.0||8.4|
|Headline Inflation Rate 2||1.5 (Jul21)||1.7||2.0|
|Merchandise Export Growth 2||167.1 (Jun21)||167.1||23.3|
|Exchange Rate Index 3||82.6 (Sep21)||83.1||83.8|
2 y-o-y, %.
3 Monthly average, January 2006 = 100, $/local currency.
|Source: CEIC database.|
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