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Apex bank expects domestic economy to grow by 3% this year

Apex bank expects domestic economy to grow by 3% this year

The overall domestic economic activity recovered in 2021 compared to 2020, the central bank governor Johannes !Gawaxab said on Wednesday, adding that going forward the economy is expected to grow around 3% in 2022.

According to !Gawaxab, the increase in economic activity was observed in major sectors such as mining, wholesale and retail trade, communication and tourism, he said during a monetary policy announcement.

“On the contrary, activity in the construction, manufacturing and transport sectors, as well as the number of cattle, marketed slowed over the same period,” he added.

According to Gawaxab, risks to the domestic economic outlook in the medium-term remain sudden due to surges in COVID-19 cases and vaccine hesitancy.

!Gawaxab meanwhile said the overall inflation is projected to average around 4.4% for 2022 and 4.5% in 2023, up from 3.6% registered in 2021.


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