The pandemic response saw GDP growth surge by 70.8% at a seasonally adjusted annualized rate (saar) in the third quarter of 2020, but contract by 5.9% in the fourth quarter. Private consumption grew by 4.2% in the fourth quarter, while fixed capital formation contracted by 5.4%. Net exports cut GDP growth by 10.2 percentage points. Border restrictions halted tourism during peak season, with visitor arrivals decreasing by 99%. The seasonally adjusted unemployment rate rose during the pandemic, although it fell slightly from 5.3% in the third quarter to 4.9% in the fourth quarter. Fourth quarter inflation, at 1.4%, was below the central bank’s 2.0% target. Fiscal and monetary stimulus, and effective containment measures, buoyed the economy. A wage subsidy scheme reduced job losses and supported households.
|Composite Stock Price Index 1||2.0 (May21)||2.0||1.0|
|Broad Money Growth 2||6.4 (Jan17)||6.4||6.4|
|Headline Inflation Rate 3||1.5 (Mar21)||2.5|
|Industrial/ Manufacturing Production Growth Rate 3||1.8 (Dec17)||0.8|
|Merchandise Export Growth 3||19.9 (Apr21)||19.9||15.4|
|Exchange Rate Index 4||105.0 (May21)||103.6||88.5|
|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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