Asia Regional Integration Center
Tracking Asian Integration
The economy significantly slowed to 1.0% in FY2019 from a re-estimated 5.7% growth in FY2018 as activity slowed at the Regional Processing Centre (RPC), an Australian-funded facility for asylum seekers, and phosphate output declined. The fiscal surplus narrowed to 16.0% of GDP in FY2019 despite a 44.8% increase in fishing license revenue and higher revenues from the RPC. Economic growth is expected to slip further to 0.4% in FY2020 but recover to 1.1% in FY2021. Phosphate exports are expected to remain weak while RPC activity moderates further. The travel and trade disruption due to the COVID-19 pandemic will also contribute to the decline. Construction on a new seaport is expected to provide additional benefits to local services.
Source: Asian Development Outlook 2020, ADB
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Merchandise Export Growth 1 | 348.4 (Sep20) | 348.4 | 428.5 |
Exchange Rate Index 2 | 100.4 (Dec20) | 97.0 | 91.8 |
1 y-o-y, %. 2 Monthly average, January 2006 = 100, $/local currency. | |||
Source: . |
Initiatives / FTAs
News
-
Macro News
3 items
-
RCI News
30 items
-
Opinions & Editorials
1 items
Publications
-
Economic Reports
2 items
-
Papers
1 items
-
ADB Books
0 items
-
ADB Working Paper Series0 items
on Regional Economic
Integration -
Studies and Research
3 items