Asia Regional Integration Center
Tracking Asian Integration
The economy rebounded in 2021, growing by 5.6% on strong services and manufacturing, after a 4.3% contraction in 2020. On the supply side, strong manufacturing—construction materials, pharmaceuticals, furniture, and machinery—drove industrial production up by 7.2%. Services grew by 7.8% after a 3.5% decline in 2020—as reopened borders boosted tourism (up 34.2%), transport and warehousing (16.0%), and wholesale and retail trade (5.3%). On the demand side, private consumption grew by 3.7% as quarantine restrictions eased. Investment, however, fell by 8.2% due to cuts in public spending. The budget deficit dropped to 1.1% of GDP from 2.3% in 2020 as fiscal stimulus fell. Monetary policy remains focused on price stability. Bank lending grew by a robust 17.8%. As private consumption and hydrocarbon revenues are projected to weaken, GDP should grow by 3.7% in 2022 and 2.8% in 2023.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Headline Inflation Rate 1 | 13.7 (Mar23) | 14.1 | 12.1 |
Industrial/ Manufacturing Production Growth Rate 1 | -7.0 (Mar23) | -10.0 | -3.9 |
Merchandise Export Growth 1 | -8.7 (Feb23) | -8.7 | -39.2 |
Exchange Rate Index 2 | 184.1 (Apr23) | 184.1 | 183.9 |
1 y-o-y, %. 2 Monthly average, January 2006 = 100, $/local currency. | |||
Source: CEIC database. |
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