Asia Regional Integration Center

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.