The economy contracted by 0.5% in 2021, better than the 4.5% contraction in 2020. The improvement comes in part from a recovery in construction and in fish and crop production. However, this was not enough to offset declines in mining and logging, as well as the decline in services. The economic decline was exacerbated by political and socioeconomic tensions, which led to civil unrest in November 2021. The economy is forecast to contract by 3.0% in 2022 due to pandemic-related restrictions on mobility and transportation. However, it is projected to recover, growing by 3.0% in 2023 as COVID-19 restrictions ease and construction, fishing, and mining production rises. 

Source: Asian Development Outlook 2022.
Latest Month-Ago Year-Ago
Headline Inflation Rate 1 9.2 (Jan23)8.5 2.0
Merchandise Export Growth 1 71.3 (Jul23)71.3 -31.3
Exchange Rate Index 2 92.7 (Oct23)92.6 93.2
1 y-o-y, %.
2 Monthly average, January 2006 = 100, $/local currency.
Source: CEIC database.

Initiatives / FTAs