AEIR 2021

The economy contracted by 0.4% in fiscal year 2020 (FY2020, ending 30 June), after growing by 1.9% in FY2019, due to COVID-19 restrictions and supply chain disruptions. Industry contracted by 2.6% after falling 2.3% in FY2019 as pandemic-related shocks exacerbated the impact of a rupee depreciation and fiscal tightening. Agriculture helped mitigate some of the economic decline, growing by 2.7% in FY2020, up from 0.6% in FY2019. On the demand side, private consumption (comprising 79% of GDP) contracted by 3.7% in FY2020, after expanding 2.9% in FY2019. While imports declined by 18.2% due to lower oil prices and depressed domestic demand, exports fell by 7.2% due to lower global demand. GDP is forecast to grow by 2.0% in FY2021 and by 4.0% in FY2022 as COVID-19 related restrictions ease, triggering a broad recovery.

Source: Asian Development Outlook 2021.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 46.0 (Nov21)44.0 40.0
Broad Money Growth 2 15.5 (Sep21)15.5 14.5
Headline Inflation Rate 3 12.3 (Dec21)11.5 8.0
Industrial/ Manufacturing Production Growth Rate 3 23.0 (Mar21)5.2 9.6
Merchandise Export Growth 3 16.2 (Dec21)16.2 33.7
Exchange Rate Index 4 292.9 (Dec21)289.3 267.8
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database; Federal Bureau of Statistics.

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