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Strong gains in services, consumption, and investment boosted growth to 5.0% in 2017 from 2.8% in 2016. Coupled with higher excise taxes and import prices, this tripled inflation to 6.0%. Growth projections were revised up to rise to 4.9% this year and 5.0% in the next year on strong investment and exports, including a greater diversification in service exports. Inflation is projected to slow down to 3.0% in 2018 as the impact of one-time increases in excise taxes wanes and from low food prices, and will be maintained at 3.0% in 2019 as fiscal discipline promises to stabilize prices. The current account deficit narrowed due to export expansion but is forecast to widen to 9.5% of GDP in 2018 and dip to 8.5% in 2019.
Source: Asian Development Outlook 2018 Update, ADB.
| Latest | Month-Ago | Year-Ago | |
|---|---|---|---|
| Headline Inflation Rate 1 | 3.1 (Aug18) | 2.8 | 5.7 |
| Industrial/ Manufacturing Production Growth Rate 1 | 8.2 (Jun18) | 6.2 | 0.0 |
| Merchandise Export Growth 1 | 16.6 (Aug18) | 16.6 | 30.9 |
| 1 y-o-y, %. | |||
| Source: CEIC database. | |||
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