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||-0.1 (Oct21)||-0.1||4.6|
|Headline Inflation Rate 2||2.2 (Sep21)||1.9||1.6|
|Merchandise Export Growth 2||-6.2 (Sep21)||-6.2||248.2|
|Exchange Rate Index 3||83.8 (Dec21)||83.2||81.7|
2 y-o-y, %.
3 Monthly average, January 2006 = 100, $/local currency.
|Source: CEIC database.|
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