GDP grew by an estimated 0.5% in 2020 as fiscal stimulus remained stable despite a drop in recurrent revenue. Early restrictions on international travel kept the country COVID-19 free but hampered capital projects. The medium-term growth outlook remains positive. GDP is forecast to grow by 2.5% in 2021 and 3.0% in 2022, supported by new infrastructure projects under the government’s 2021–2030 strategic plan. Higher fishing revenue and budget support from development partners helped offset the government’s pandemic-related spending to procure personal protective equipment, repatriate citizens, and cover cash relief payments.
|Merchandise Export Growth 1||825.5 (May21)||825.5||1.0|
|Exchange Rate Index 2||97.3 (Aug21)||98.9||95.9|
|1 y-o-y, %.|
2 Monthly average, January 2006 = 100, $/local currency.
Initiatives / FTAs
ADB Working Paper Series0 items
on Regional Economic
Studies and Research