Kiribati’s economic growth is expected to slow to 2.0% in 2013, revised down from the 3.5% predicted in the Asian Development Outlook (ADO) 2013. This primarily reflects delays in implementing planned road and airport projects financed by development partners. Growth in gross domestic product (GDP) is forecast to rise to 2.3% in 2014, as infrastructure construction projects begin in the fourth quarter of 2013.
|Selected Economic Indicators (%) - Kiribati||2013||2014|
|ADO 2013||Update||ADO 2013||Update|
|Current Account Balance (share of GDP)||-23.9||-23.9||-20.0||-20.0|
Source: Asian Development Outlook (ADO) 2013 Update; ADB estimates.
The inflation outlook for Kiribati is revised down to 1.5% for 2013 from 3.0% in ADO 2013. This follows deflation at 1.4% in the first quarter of the year - the fifth consecutive quarter of deflation - and continued declines in food and transport prices. However, the projection of 3.0% inflation in 2014 is maintained.
Source: ADB. 2013. Asian Development Outlook 2013 Update. Manila.