AEIR 2021

GDP contracted in 2020 by an estimated 7.9%, reversing the modest 1.8% expansion in 2019. The economy had to contend with the effects of the pandemic, a domestic political crisis, and the delayed passing of the 2020 budget. Private consumption fell by 3.1%, while private investment dropped by 39.0%. Public capital spending was down by about 50%. Public consumption grew marginally by 1.0%, due a pandemic stimulus package. Nonetheless, the economy is expected to grow by 3.4% in 2021 and 4.3% in 2022. Government spending is expected to increase 30% over the next 3 years under an Economic Recovery Plan, financed primarily by the Petroleum Fund.

Source: Asian Development Outlook 2021.
Latest Month-Ago Year-Ago
Headline Inflation Rate 1 0.3 (May20)0.3 0.8
Merchandise Export Growth 1 13.3 (Jun21)13.3 2.0
Exchange Rate Index 2 100.0 (Sep21)100.0 100.0
1 y-o-y, %.
2 Monthly average, January 2006 = 100, $/local currency.
Source: .

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