The economy contracted by an estimated 5.4% in fiscal year 2020 (FY2020, ending 30 September) as mobility restrictions were enforced to combat the COVID-19 pandemic. The government earmarked $58.7 million as fiscal stimulus. However, the pandemic also eroded tax revenues as fishing license revenues declined. Inflation increased to 1.6% in FY2020 from pandemic-related supply-side disruptions. GDP is forecast to contract by 1.8% in FY2021 before rebounding to 2.0% growth in FY2022. Inflation is expected to rise to 1.9% in FY2021 and 2.0% in FY2022.
|Headline Inflation Rate 1||2.4 (Dec18)||1.2|
|Merchandise Export Growth 1||67.4 (Feb21)||67.4||60.3|
|Exchange Rate Index 2||100.0 (May21)||100.0||100.0|
|1 y-o-y, %.|
2 Monthly average, January 2006 = 100, $/local currency.
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