Following a contraction in 2020, the economy returned to growth in 2021, but only by an estimated 1.3%. Two surges of COVID-19 infections during the year significantly slowed the economic recovery. Having contracted by 21.1% in 2020, mining and quarrying dropped further by an estimated 12.5% in 2021. Agriculture, forestry, and fisheries expanded by an estimated 3.7% in 2021, largely due to the low 2020 base—when output was hampered by lockdowns and trade bottlenecks. Growth in the rest of the economy remained generally weak. Growth is expected to accelerate steadily, with GDP expanding by 3.4% in 2022 and 4.6% in 2023 as a mineral extraction recovers and more normal global economic conditions return.
|Headline Inflation Rate 1||1.4 (Jun23)||5.5|
|Merchandise Export Growth 1||-29.8 (Jul23)||-29.8||-5.0|
|Exchange Rate Index 2||83.6 (Oct23)||85.0||87.7|
|1 y-o-y, %.|
2 Monthly average, January 2006 = 100, $/local currency.
|Source: CEIC database.|
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