The economy contracted by 2.6% in 2020, reversing its 4.5% growth in 2019. Measures to control the spread of COVID-19 severely affected services, while layoffs hampered private consumption. Public consumption grew by 13.8% in 2020 due to pandemic response stimulus. On the supply side, services contracted most, declining by 5.6% year-on-year due to losses in transportation and trade. Industry also fell, but by just 0.4%. However, the next 2 years should see the economy return to growth, with GDP forecast to grow by 3.2% in 2021 and 3.5% in 2022, provided the pandemic abates as vaccine rollouts accelerate.
|Composite Stock Price Index 1||3.0 (Oct21)||3.0||2.0|
|Broad Money Growth 2||19.3 (Sep21)||19.3||18.9|
|Headline Inflation Rate 3||8.9 (Sep21)||8.7||7.0|
|Industrial/ Manufacturing Production Growth Rate 3||4.7 (Sep21)||1.9||-3.5|
|Merchandise Export Growth 3||66.8 (Aug21)||66.8||95.9|
|Exchange Rate Index 4||320.1 (Oct21)||320.0||322.6|
|1 Monthly average, local index.|
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
|Source: Bloomberg LP; CEIC database.|
Initiatives / FTAs
ADB Working Paper Series1 items
on Regional Economic
Studies and Research