AEIR 2021

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.

Source: Asian Development Outlook 2021.
Latest Month-Ago Year-Ago
Merchandise Export Growth 1 1.0 (Sep21)1.0 3.0
Exchange Rate Index 2 94.6 (Dec21)97.2 100.4
1 y-o-y, %.
2 Monthly average, January 2006 = 100, $/local currency.
Source: .

Initiatives / FTAs