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With travel and mobility restrictions stifling the economy, GDP shrank by 1.2% in fiscal year 2021 (FY2021, ended 30 September 2021). Despite the challenges in getting people vaccinated, $75 million in government stimulus packages helped reduce the economic contraction by an estimated 1.9 percentage points. As fuel prices increased and supply chains disrupted, inflation grew to 2.0% in FY2021. Lackluster tourism receipts shrank. The current account surplus fell to 0.5% of GDP as a result of the drop in tourism, while the fiscal surplus narrowed to 6.3% of GDP due to COVID-19 stimulus. In FY2022, GDP is forecast to bounce back, growing by 2.2%, assuming that travel restrictions ease by mid-year and the hospitality and transport sectors normalize.
|Headline Inflation Rate 1||-0.3 (Dec20)||1.0||0.0|
|Merchandise Export Growth 1||-3.7 (Jul22)||-3.7||20.2|
|Exchange Rate Index 2||100.0 (Oct22)||100.0||100.0|
|1 y-o-y, %.|
2 Monthly average, January 2006 = 100, $/local currency.
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