AEIR 2023

The economy expanded by 6.4% in 2021, an 11-year high, due to strong domestic and external demand. Private consumption led the increase, rebounding from a steep 10.5% contraction in 2020 to grow by 5.6%. Fixed investment expanded by 10.1% on and improved investment outlook. The seasonally adjusted unemployment rate also fell to 3.9% in the fourth quarter of 2021. On the supply side, services expanded by 5.7%, manufacturing grew by 5.5%, and construction increased by 0.7% following the rebound in trade and export demand. Headline consumer price inflation accelerated to 1.6% in 2021 from 0.3% in 2020, while underlying inflation fell to 0.6% in 2021 from 1.3% in 2020. As the US Federal Reserve tightens monetary policy, growth is expected to moderate to 2.0% in 2022 before accelerating to 3.7% in 2023 as activity normalizes. 
Source: Asian Development Outlook 2022.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 20.0 (Apr23)19.0 21.0
Broad Money Growth 2 1.4 (Mar23)1.4 0.0
Headline Inflation Rate 3 1.7 (Mar23)1.8 1.8
Industrial/ Manufacturing Production Growth Rate 3 2.6 (Jun22)5.7
Merchandise Export Growth 3 -1.8 (Mar23)-1.8 -9.4
Exchange Rate Index 4 101.2 (Apr23)101.2 101.1
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database; Census and Statistics Department.

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