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 (Jul21)||2.0||1.0|
|Broad Money Growth 2||6.4 (Jan17)||6.4||6.4|
|Headline Inflation Rate 3||3.3 (Jun21)||1.5|
|Industrial/ Manufacturing Production Growth Rate 3||1.8 (Dec17)||0.8|
|Merchandise Export Growth 3||22.0 (Jul21)||22.0||29.2|
|Exchange Rate Index 4||101.4 (Aug21)||101.5||95.9|
|1 Monthly average, local index.|
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
|Source: Bloomberg LP; CEIC database.|
Initiatives / FTAs
ADB Working Paper Series0 items
on Regional Economic
Studies and Research