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.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Broad Money Growth 1 | 18.7 (Jan21) | 18.7 | 18.2 |
Headline Inflation Rate 2 | 19.6 (Jul22) | 19.4 | 6.5 |
Merchandise Export Growth 2 | 11.1 (Jul23) | 11.1 | -13.1 |
Exchange Rate Index 3 | 32.0 (Oct23) | 32.0 | 32.0 |
1 %. 2 y-o-y, %. 3 Monthly average, January 2006 = 100, $/local currency. | |||
Source: CEIC database. |
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