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||3.6 (Mar21)||3.6||2.7|
|Headline Inflation Rate 2||1.1 (Apr21)||1.8||1.9|
|Merchandise Export Growth 2||-7.3 (Mar21)||-7.3||-7.5|
|Exchange Rate Index 3||81.7 (Jun21)||81.5||85.4|
2 y-o-y, %.
3 Monthly average, January 2006 = 100, $/local currency.
|Source: CEIC database.|
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