The Gross Domestic Product (GDP) in East Timor expanded 2.90 percent in 2021 over the previous year. The recovery is mainly due to the expansion of public demand - which is expected to have risen 2.7%, in real terms, in 2021 - and of private demand, which should have increased by 1.8% in the year. However, as has been normal in the past, the domestic demand expansion led to an increase in net imports, which grew by 2.8%, thus canceling part of the effect of the recovery in domestic demand. source: National Statistics Directorate, Timor

GDP Annual Growth Rate in East Timor averaged 3.21 percent from 2001 until 2021, reaching an all time high of 16.30 percent in 2001 and a record low of -6.80 percent in 2020. This page provides - East Timor GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. East Timor GDP Annual Growth Rate - values, historical data and charts - was last updated on June of 2023.

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East Timor GDP Annual Growth Rate

Related Last Previous Unit Reference
GDP Annual Growth Rate 2.90 -6.80 percent Dec 2021

East Timor GDP Annual Growth Rate
East Timor is one of the youngest countries in the world. After years of wars and political turmoil, the economy of this once poorest country in Asia, has been steady growing due to offshore oil and gas extraction. Services contribute the most to the country's output (56 percent of GDP), but agriculture (26 percent of GDP) employs around 64 percent of the labour force and remains undeveloped. In 2005, the government has set up the East Timor Petroleum Fund, which now is the main source of funds for infrastructure development and social benefits.
Actual Previous Highest Lowest Dates Unit Frequency
2.90 -6.80 16.30 -6.80 2001 - 2021 percent Yearly