Real GDP contracted by 6.2% in 2020, reversing the 5.0% growth in 2019, as measures to contain COVID-19 cut domestic demand, and steep declines in tourism and export receipts pummeled the external sector. Growth is forecast to return to 3.5% in 2021 with a gradual revival in domestic demand and private consumption. Economic growth should accelerate to 6.0% in 2022 with an expected recovery in tourism and the full reopening of the economy. Industry is forecast to expand by 7.6% in 2021 as continued fiscal stimulus supports construction and other sectors and as external demand rebounds. GDP is forecast to grow by 6.0% in 2022.
|Headline Inflation Rate 1||12.8 (Apr22)||11.8||7.2|
|Industrial/ Manufacturing Production Growth Rate 1||12.0 (Dec21)||-12.1|
|Merchandise Export Growth 1||26.3 (Mar22)||26.3||60.3|
|Exchange Rate Index 2||170.1 (Apr22)||179.8||190.9|
|1 y-o-y, %.|
2 Monthly average, January 2006 = 100, $/local currency.
|Source: CEIC database.|
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