
Overview
- Due to COVID-19, GDP declined by 4.6% in 2020: a moderate decline in international comparison. In 2021, growth of 4.3% is expected
- Stability of the external sector during the crisis: current account surplus (2020: 4.7% of GDP), moderate exchange rate dynamics, international reserves reached their highest level since 2012 (USD 29 bn)
- Inflation is currently at the 5% target of the central bank, policy rates were decreased to a historic low of 6% to support economic recovery
- During the crisis, the budget deficit considerably increased (2020 estimate: 5.6% of GDP), and will decrease only slightly in 2021, public debt meanwhile increased to 65.7% of GDP
- International trade declined by 9.1% after 11M2020: stronger decrease of imports (-12,9%) than exports (-3,5%)