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 18.0 (Aug23)19.0 19.0
Broad Money Growth 2 2.3 (Jul23)2.3 1.5
Headline Inflation Rate 3 1.8 (Jul23)1.9 1.9
Industrial/ Manufacturing Production Growth Rate 3 -0.1 (Dec22)5.7
Merchandise Export Growth 3 -8.7 (Jul23)-8.7 -11.2
Exchange Rate Index 4 100.9 (Aug23)100.8 101.2
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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