Economic growth fell by 18.4% in fiscal year 2021 (FY2021, ended 30 September 2021) due to political uncertainty and the COVID-19 pandemic. Industry contracted by 20.9% in FY2021 (from 3.8% in FY2020) while services decelerated further to 26.4% (from 3.4%). Weak external demand and higher prices of farm inputs slowed agricultural growth to 0.8% in FY2021 from 1.7%. The current account deficit narrowed to 1.1% of GDP from 2.5% of GDP in FY2020, as mobility restrictions slowed external trade, lowered export earnings, and slowed import growth. Inflation moderated to 3.6% in FY2021 from 5.7%, while fiscal deficit widened to 6% of GDP from 5% in FY2020 as revenues fell. In FY2022, the economy is forecast to contract by 0.3% due to continued political instability.
|Broad Money Growth 1||18.7 (Jan21)||18.7||18.2|
|Headline Inflation Rate 2||19.4 (Jun22)||18.2||5.7|
|Merchandise Export Growth 2||21.2 (Jul22)||21.2||39.8|
|Exchange Rate Index 3||32.0 (Oct22)||32.0||29.0|
2 y-o-y, %.
3 Monthly average, January 2006 = 100, $/local currency.
|Source: CEIC database.|
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