The 2.3% 2014 GDP contraction slowed as oil and gas output edged up in 2015 despite low prices. Agriculture and fisheries also picked up in the second half 2015. The economy is projected to return to growth this year assuming oil and gas production continues to gradually recover as new technology increases oil extracted from existing fields and the government continues its large infrastructure investments.
Continued low global hydrocarbon prices could weaken the budget, even with large fuel subsidies.
|Broad Money Growth 1||-1.4 (Aug16)||-1.4||-0.9|
|Headline Inflation Rate 2||-1.6 (Dec16)||-0.8||-1.0|
|Merchandise Export Growth 2||-12.1 (Sep16)||-12.1||-17.9|
|Exchange Rate Index 3||87.6 (Jan17)||87.6||88.1|
2 y-o-y, %.
3 Monthly average, January 2006 = 100, $/local currency.
|Source: CEIC database.|