The economy rebounded modestly in 2021, with GDP growing by 1.4% after declining by 4.6% in 2020. Growth in both services and mining helped cushion the decline in agriculture and other non-mining industries. Trade disruptions also weighed down economic growth, with the closure of the main trade portal with the People’s Republic of China in October 2021 and continued COVID-19 restrictions. Government consumption continued to grow, but private consumption slid by 6.6% due to low labor force participation and high inflation. Despite this, the economic outlook remains generally positive for the next 2 years, supported by continued growth in services, a possible recovery in agriculture, and continued influx of investment. GDP is forecast to grow by 2.3% in 2022 and by 5.6% in 2023.
|Composite Stock Price Index 1||35.0 (Oct23)||34.0||33.0|
|Broad Money Growth 2||15.2 (Feb23)||15.2||10.9|
|Headline Inflation Rate 3||10.1 (Sep23)||10.0||13.8|
|Industrial/ Manufacturing Production Growth Rate 3||-5.2 (Jun20)||-25.3||-7.8|
|Merchandise Export Growth 3||9.1 (Sep23)||9.1||2.4|
|Exchange Rate Index 4||281.7 (Oct23)||282.5||274.4|
|1 Monthly average, local index.|
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
|Source: Bloomberg LP; CEIC database.|
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