Kiribati: 2023 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary Fund. Asia and Pacific Dept

Volume/Issue: Volume 2023 Issue 329

Publication date: September 2023

ISBN: 9798400255090

$20.00

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Topics covered in this book

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Exports and Imports , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , Natural Disasters , Agribusiness , Kiribati consumer price index , headline inflation , standard of living , IMF headquarters , CPI update , Government finance statistics , Agroindustries , Global , Australia and New Zealand , Pacific Islands

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Summary

Due to supportive fiscal policies, the economy recovered strongly in 2021, with real GDP growing 7.9 percent. However, a domestic outbreak of COVID-19 and the subsequent lockdown restrictions imposed in the first half of 2022 along with a severe drought dampened economic activities. With the reopening of borders in August 2022, GDP growth is expected to increase from an estimated 1.2 percent in 2022 to 2.5 percent in 2023. Inflation has picked up recently due to the recovery in domestic demand, supply shortages, and elevated commodity prices and freight costs. Risks to the outlook are mainly on the downside.