A year of mobility restrictions caused by the pandemic led GDP to contract by a further 3.3% in FY2021 (ended 30 September 2021). Containment measures and travel bans constrained fisheries and onshore fleet services, hotels and restaurants, and construction. This kept inflation low at 1.0% despite higher international fuel prices. Lower imports and continued grants from development partners increased the current account surplus to 23.5% of GDP, up from 20.5% in FY2020. Growth is expected to return in FY2022 with the easing of mobility restrictions and business activity returning to normal. GDP is forecast to expand by 1.2% in 2022, accelerating to 2.2% in FY2023.
Source: Asian Development Outlook 2022.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Merchandise Export Growth 1 | -59.2 (Jul23) | -59.2 | -82.5 |
Exchange Rate Index 2 | 100.0 (Oct23) | 100.0 | 100.0 |
1 y-o-y, %. 2 Monthly average, January 2006 = 100, $/local currency. | |||
Source: . |
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