The economy contracted by 1.5% in 2021 after growing by 1.1% in 2020. Weaker oil and gas production, and a resurgence in COVID-19 infections in August 2021 hurt the economy. While services and agriculture grew in 2021, the large drop in hydrocarbon production led to the contraction in GDP. Despite this, oil and gas output is expected to expand over the next several years, reversing the decline in 2021. In addition, easing pandemic restrictions and high vaccination rates may further support growth. GDP is thus expected to grow by 4.2% in 2022, easing to 3.6% in 2023.
|Broad Money Growth 1||0.8 (Aug23)||0.8||-1.7|
|Headline Inflation Rate 2||0.1 (Jul23)||0.2||4.1|
|Merchandise Export Growth 2||-37.0 (Jul23)||-37.0||-72.5|
|Exchange Rate Index 3||83.9 (Oct23)||83.6||87.3|
2 y-o-y, %.
3 Monthly average, January 2006 = 100, $/local currency.
|Source: CEIC database.|
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