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 (Apr21)||3.0||2.0|
|Broad Money Growth 2||15.9 (Mar21)||15.9||21.6|
|Headline Inflation Rate 3||7.0 (Apr21)||7.0||6.8|
|Industrial/ Manufacturing Production Growth Rate 3||4.0 (Mar21)||0.2||5.9|
|Merchandise Export Growth 3||-19.2 (Feb21)||-19.2||-25.2|
|Exchange Rate Index 4||323.6 (Apr21)||316.2||325.6|
|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