AEIR 2021

The economy contracted by 4.5% in 2020, reversing the 1.9% growth in 2019. Due to quarantine restrictions, the economically important fish catch declined by 40%. Log output declined by 12%, in part by the impact of Cyclone Harold, as was crop production. Construction slowed as equipment, materials and workers from overseas were delayed. While a pandemic-related stimulus package led to a 1.7%-growth in public-related services, the fiscal deficit widened to 2.5% of GDP. The economy is forecast to grow by 1.0% in 2021 and 4.5% in 2022 as fishing and construction rebound.

Source: Asian Development Outlook 2021.
Latest Month-Ago Year-Ago
Headline Inflation Rate 1 -2.5 (Dec20)-1.4 2.7
Merchandise Export Growth 1 3.0 (May21)3.0 -43.5
Exchange Rate Index 2 95.0 (Aug21)95.1 92.8
1 y-o-y, %.
2 Monthly average, January 2006 = 100, $/local currency.
Source: CEIC database.

Initiatives / FTAs

News