Asia Regional Integration Center
Tracking Asian Integration
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 | -15.8 (Jan22) | -15.8 | 409.8 |
Exchange Rate Index 2 | 100.0 (Apr22) | 100.0 | 100.0 |
1 y-o-y, %. 2 Monthly average, January 2006 = 100, $/local currency. | |||
Source: . |
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