AEIR 2021

Economic growth remained stable at 3.6% in FY2019 on higher construction, fishing, and public administration. Agriculture expanded for a third consecutive year and the fish catch rebounded, resulting in double-digit growth in exports to Japan and Taipei,China. The fiscal surplus rose to 3.0% of GDP in 2019 from 2.5% in 2018. Government debt fell from 70.0% of GDP in FY2009 to 35.0% in FY2018. Inflation eased to 0.1% in 2019 from 0.8% in 2018. Growth is projected to decelerate to 2.5% in FY2020 as travel and transport restrictions caused by the COVID-19 pandemic depress growth in construction, agriculture, fishing, and trade. Growth is expected to rebound to 3.7% in FY2021 as restrictions are gradually eased.
Source: Asian Development Outlook 2020, ADB
Latest Month-Ago Year-Ago
Merchandise Export Growth 1 -25.0 (Sep20)-25.0 -53.7
Exchange Rate Index 2 100.0 (Jan21)100.0 100.0
1 y-o-y, %.
2 Monthly average, January 2006 = 100, $/local currency.
Source: .

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