Asia Regional Integration Center
Tracking Asian Integration
The economy contracted by 4.3% in 2020 due to the COVID-19 pandemic and lower oil production, reversing 2019 growth of 2.5%. On the supply side, industry fell by 5.6% as mining declined by 7.4%. Construction fell by 8.7% in 2020, worse than the 2.8% decline in 2019. Manufacturing grew by 10.4%. Agriculture slowed to 1.9% growth after rising by 7.3% in 2019. Inflation inched up to 2.8% from 2.6% in 2019. On the demand side, private consumption and investment fell while net exports plunged due to lower hydrocarbon exports. Fiscal stimulus widened the budget deficit to 2.4% of GDP from 0.3% in 2019. With most banks well-capitalized and inflation within its target band, monetary policy remained accommodative. As domestic and external demand improves and consumer confidence returns, the economy is expected to grow by 1.9% in 2021 and 2.5% in 2022.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Headline Inflation Rate 1 | 12.1 (Mar22) | 11.9 | 4.2 |
Industrial/ Manufacturing Production Growth Rate 1 | -3.9 (Mar22) | -10.3 | 3.4 |
Merchandise Export Growth 1 | 147.5 (Feb22) | 147.5 | 90.1 |
Exchange Rate Index 2 | 183.9 (Apr22) | 183.9 | 184.3 |
1 y-o-y, %. 2 Monthly average, January 2006 = 100, $/local currency. | |||
Source: CEIC database. |
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