The economy recovered in the fourth quarter of 2021, with GDP expanding by 14.4% at a seasonally adjusted annualized rate. Household spending surged, increasing consumption by 18.7%. In December, unemployment fell to 4.2%, the lowest in 13 years. Inflation accelerated to 2.9% from 0.9% in 2020, the highest rate in 10 years. In addition, lower fixed capital investment cut growth by 1.5 percentage points on lower private business investment. Exports were down by 6.0% and imports fell 3.5% from global supply-chain disruptions. GDP is estimated to grow by 4.0% this 2022 and 3.1% in 2023 as domestic demand strengthens from accommodative financing conditions, accumulated savings, and an easing of COVID-19 restrictions.
Source: Asian Development Outlook 2022.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Composite Stock Price Index 1 | 4.0 (Aug23) | 4.0 | 4.0 |
Broad Money Growth 2 | 2.7 (Jun23) | 2.7 | 4.8 |
Headline Inflation Rate 3 | 6.0 (Jun23) | 6.1 | |
Industrial/ Manufacturing Production Growth Rate 3 | 2.7 (Mar23) | -0.5 | |
Merchandise Export Growth 3 | -9.6 (Jul23) | -9.6 | -20.8 |
Exchange Rate Index 4 | 86.4 (Aug23) | 89.7 | 92.7 |
1 Monthly average, local index. 2 %. 3 y-o-y, %. 4 Monthly average, January 2006 = 100, $/local currency. | |||
Source: Bloomberg LP; CEIC database. |
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