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||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.
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