AEIR 2021

Economic growth is estimated to have declined sharply to 2.6% in 2019 from 3.9% in 2018 on reduced logging and weaker construction. Major crops such as palm oil, copra, and coconut oil were down. Growth in the fish catch slowed to 8.0% in 2019 from 27.0% in 2018. Industry also subtracted from growth in 2019 as construction slowed. A drop in public investment also contributed to weakened economic growth. GDP in 2020 is forecast to grow by 1.5% given the trade and travel disruptions caused by the COVID-19 pandemic. GDP growth should rebound to 2.7% in 2021 with major new infrastructure projects planned.
Source: Asian Development Outlook 2020, ADB
Latest Month-Ago Year-Ago
Headline Inflation Rate 1 2.7 (Dec19)2.8 3.8
Merchandise Export Growth 1 -14.7 (Dec20)-14.7 -18.3
Exchange Rate Index 2 94.9 (Mar21)94.9 92.0
1 y-o-y, %.
2 Monthly average, January 2006 = 100, $/local currency.
Source: CEIC database.

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