Real GDP contracted by 0.5% in 2020 after growing by 4.7% in 2019, largely due to the COVID-19 pandemic. Severe border restrictions stifled domestic and external demand. The unemployment rate rose to 23.4% in 2020 from 16.0% in 2018. Services, accounting for 43.6% of GDP, contracted by 5.5% as tourism stopped. Industry (30.8% of GDP) grew by 6.2% due to higher electricity production; construction grew as large infrastructure projects proceeded; and agriculture (15.5% of GDP) grew by 2.1% on improved harvests. Inflation rose to 5.1% from 3.3% in 2019, mostly due to rising food prices. The budget deficit increased to 5.3% of GDP from 3.3% in 2019. Real GDP is expected to grow by 4.0% in 2021 and 4.5% in 2022 on higher agriculture production, sustained power generation, and ongoing large infrastructure projects offsetting the effects of a slow recovery in services.
|Composite Stock Price Index 1||606.1 (Nov21)||618.7||585.0|
|Broad Money Growth 2||16.1 (Jun21)||16.1||17.5|
|Headline Inflation Rate 3||5.0 (Nov21)||4.7||2.9|
|Merchandise Export Growth 3||11.0 (Sep21)||11.0||22.1|
|Exchange Rate Index 4||101.6 (Dec21)||99.3||86.9|
|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 Series3 items
on Regional Economic
Studies and Research