The economy contracted by 1.9% in fiscal year 2020 (FY2020, ending 15 July) after growing by 6.7% in FY2019. Industry contracted by 7.4%; services by 3.6%. Agriculture expanded by 2.2%. On the demand side, private consumption remained robust on healthy remittance inflows, while private fixed investment fell by 3.0% and public investment decreased by 5.4%. Inflation rose to 6.2% in FY2020 from 4.6% in FY2019 on an 8.2% increase in food prices. The economy is projected to rebound to 3.1% growth in FY2021 and 5.1% in FY2022 as the global economy recovers and COVID-19 restrictions are lifted.
|Headline Inflation Rate 1||3.1 (Apr21)||3.0||6.7|
|Industrial/ Manufacturing Production Growth Rate 1||8.4 (Jan20)||6.3|
|Merchandise Export Growth 1||268.6 (Apr21)||268.6||8.6|
|Exchange Rate Index 2||165.5 (May21)||168.2||171.2|
|1 y-o-y, %.|
2 Monthly average, January 2006 = 100, $/local currency.
|Source: CEIC database.|
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