Asia Regional Integration Center
Tracking Asian Integration
GDP growth expanded by 3.9% in 2019 from 0.1% in 2018, with the dominant oil and gas industry growing by 4.7% after contracting 1.1% in 2018. The recovery coupled with new downstream production of petroleum and chemical products further boosted economic activity. On the demand side, private consumption saw its highest growth in 6 years, expanding by 5.9% in 2019 from 2.2% in 2018. Improved labor conditions as well as lower inflation encouraged household spending and is expected to support the country’s recovery in the near term. With the impact of COVID-19, the economy is forecast to grow a slower 2.0% in 2020 before bouncing back to 3.0% in 2021.
Source: Asian Development Outlook 2020, ADB
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Broad Money Growth 1 | 8.6 (Nov20) | 8.6 | 9.1 |
Headline Inflation Rate 2 | 1.6 (Sep20) | 2.1 | -0.4 |
Merchandise Export Growth 2 | -2.5 (Sep20) | -2.5 | -8.7 |
Exchange Rate Index 3 | 81.3 (Jan21) | 81.7 | 82.8 |
1 %. 2 y-o-y, %. 3 Monthly average, January 2006 = 100, $/local currency. | |||
Source: CEIC database. |
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