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.
|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.|
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
|Source: Bloomberg LP; CEIC database.|
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