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.
|Headline Inflation Rate 1||0.3 (May20)||0.3||0.8|
|Merchandise Export Growth 1||944.9 (Mar21)||944.9||227.6|
|Exchange Rate Index 2||100.0 (Jun21)||100.0||100.0|
|1 y-o-y, %.|
2 Monthly average, January 2006 = 100, $/local currency.
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