Asia Regional Integration Center
Tracking Asian Integration
GDP growth nearly matched 2018 growth, expanding by 4.1% in 2019. Increased capital spending connected with the Pacific Islands Forum meeting in August provided a boost. Higher spending and a steep decline in fishing receipts led to a fiscal deficit in 2019 equal to 9.8% of GDP, reversing a 34.2% surplus in 2018. Inflation in 2019 rose to 3.3%. Growth in 2020 will be affected by the impact of Cyclone Tino, which struck in January 2020, and the COVID-19 pandemic, which disrupted construction. Cyclone rehabilitation will be helped by support from multilateral organizations, but construction may be stymied by the pandemic impact. Still, growth is forecast at 2.7% in 2020 and 3.2% in 2021.
Source: Asian Development Outlook 2020, ADB
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Merchandise Export Growth 1 | 38.1 (Sep20) | 38.1 | -73.9 |
Exchange Rate Index 2 | 102.9 (Jan21) | 100.4 | 91.4 |
1 y-o-y, %. 2 Monthly average, January 2006 = 100, $/local currency. | |||
Source: . |
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