AEIR 2022

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 19.0 (Dec22)17.0 23.0
Broad Money Growth 2 1.3 (Nov22)1.3 1.2
Headline Inflation Rate 3 1.8 (Nov22)1.8 1.9
Industrial/ Manufacturing Production Growth Rate 3 5.7 (Dec21)-6.0
Merchandise Export Growth 3 -24.5 (Nov22)-24.5 -11.2
Exchange Rate Index 4 100.4 (Dec22)101.0 100.6
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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