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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