Timor-Leste's GDP growth rate rises 1.5% in 2021 after negative 8.6% in 2020
Timor-Leste's Gross Domestic Product (GDP) growth rate in 2021 (preliminary data) rose to 1.5%, after the negative 8.6% registered in 2020, despite the various restrictions implemented by Timor-Leste in 2021 (states of emergency, sanitary fences and compulsory confinements), caused by the COVID-19 pandemic and floods that have limited the movement of people and goods.
According to data from the General Directorate of Statistics of the Ministry of Finance, the GDP growth rate increased due to the contribute of final consumption of the private and public sectors, which recorded a moderate increase in 2021.
The final 2021 GDP data will be published in September 2022. The final version will be clearer and more accurate because it will include all data, especially the data on Production (Business Activity Survey). This means that the GDP growth rate in 2021 (final version) may differ somewhat from this preliminary version figures.
The 2021 GDP data (preliminary version) is based on the latest available information regarding the oil and non-oil sector indicators, which provide current information on Timor-Leste's economic growth. For this draft version, the best indicator for oil sector GDP came from Production, while for non-oil sector GDP, the best indicator came from Expenditure.
Public consumption rose by 6.2%, led by increased employment and the consumption of goods and services, due to the growth in expenditure on the supply of operational materials and professional services related to COVID-19.
Private consumption rose by 2.4% and per capita growth was maintained. The Government's solid support to households through the transfer of goods and subsidies and the resumption of household economic activities contributed to this.
Exports of goods and services improved by 26%, driven by coffee exports, which increased due to the growth in production volume and the stocks accumulated during 2020.
Imports of goods and services declined by 10.5%. Imports of services alone fell by 40.7%. On the other hand, there was a 13% increase in the consumption of imported goods, consistent with the increase in private consumption and also with the expansion of international borders in Timor-Leste's main trading partners.
For more information, click here: https://bit.ly/3ul6MVq
