The economy was estimated to have grown by 5.0% in 2021, driven by strong hydrocarbon production and exports. Gas production grew by an estimated 42% despite the muted recovery in other sectors. Gross investment declined to an estimated 19% of GDP in 2021 from 39% in 2017. Average annual inflation accelerated to an estimated 12.5% in 2021 from 10.0% in 2020 due to higher food prices caused by trade disruptions. Both government revenues and expenditures declined in 2021, with public debt dropping to an estimated 27.0% of GDP from 32.2% of GDP. Import substitution and foreign exchange controls contributed to a current account surplus of 0.6% in 2021. Export revenues are estimated to have grown by 25.6%, driven by a 35% growth in gas exports. The economy is forecast to grow by 6.0% in 2022 and by 5.8% in 2023 on higher hydrocarbon prices and export volumes.
|Merchandise Export Growth 1||25.2 (May22)||25.2||30.4|
|Exchange Rate Index 2||336.5 (Aug22)||336.5||336.5|
|1 y-o-y, %.|
2 Monthly average, January 2006 = 100, $/local currency.
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