AEIR 2021

Pandemic restrictions slowed economic growth to 4.5% in 2020 from 7.5% in 2019. Industrial growth slowed from 13.6% in 2019 to 9.7% in 2020, as mining contracted despite the expansion of manufacturing and electricity generation. Agriculture expanded by 8.8% while services fell by 2.6% and construction contracted by 4.6%. On the demand side, ongoing infrastructure spending and development support helped maintain consumption in 2020, although investment declined by 4.3%. The current account rose to a surplus given the disruption in imports. Inflation rose from an already high 8.0% in 2019 to 9.4% in 2020. The fiscal deficit narrowed from 3.8% of GDP in 2019 to 3.0% in 2020, while public debt grew from 44.9% of GDP in 2019 to 47.3% in 2020. Growth is forecast to return to 5.0% in 2021 and 5.5% in 2022, with trade and remittances recovering, inflation moderating, and revived imports bringing the current account back into deficit.

Source: Asian Development Outlook 2021.
Latest Month-Ago Year-Ago
Headline Inflation Rate 1 9.1 (Jul21)8.9 7.8
Industrial/ Manufacturing Production Growth Rate 1 11.8 (May18)13.4 20.7
Merchandise Export Growth 1 539.7 (May21)539.7 472.9
Exchange Rate Index 2 352.7 (Aug21)353.0 322.0
1 y-o-y, %.
2 Monthly average, January 2006 = 100, $/local currency.
Source: CEIC database.

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