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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