Investor Presentaiton
SOLID ECONOMIC GROWTH IN 9M21
REAL GDP GROWTH IN 2021 EXCEEDING 2019 LEVEL
Real GDP growth in 9M21:
11.3% y-o-y
4.8% compared to 9M19
Source: Geostat
70%
60%
44.8%
50%
40%
30%
20%
4.0%
10%
-3.0%
0%
-7.0%
1.2%
-10%
-5.1%
-11.5%
-20%
-30%
Jan
Feb
Mar Apr May
Jun
Jul
Aug
Sep
25.8%
20.8%
18.7%
8.8%
9.9%
10.3%
9.5%
6.9%
6.1%
3.8%
4.5%
Real GDP growth, 2021 vs. 2020
Real GDP growth, 2021 vs. 2019
GDP contracted by 6.2% in 2020 and by 4.5% in 1Q21,
mainly due to COVID-19 pandemic-related mobility
restrictions
With restrictions gradually eased, recovery has gained
impressive momentum since 2Q21, with real GDP up
29.9% y-o-y in 2Q21 and up 9.0% y-o-y in 3Q21
Overall, real GDP growth during the first nine months of
2021 was 11.3% y-o-y, exceeding the 9M19 pre-pandemic
level by 4.8%
Robust growth in remittances and exports, and a faster
than expected rebound in tourism, along with fiscal
stimulus and accelerated banking sector lending, have
supported the recovery
In the first nine months of 2021:
Exports were up 24.0% y-o-y and up 9.0% compared to
the first nine months of 2019
Remittances were up 27.8% y-o-y and up 35.7%
compared to the first nine months of 2019
Tourism revenues accounted for c.34% of 2019 levels,
with tourism arrivals accelerating since April 2021
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