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.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Composite Stock Price Index 1 | 17.0 (Oct23) | 18.0 | 16.0 |
Broad Money Growth 2 | 2.8 (Sep23) | 2.8 | 2.8 |
Headline Inflation Rate 3 | 2.0 (Sep23) | 1.7 | 4.3 |
Industrial/ Manufacturing Production Growth Rate 3 | -0.1 (Dec22) | 5.7 | |
Merchandise Export Growth 3 | -5.1 (Sep23) | -5.1 | -3.4 |
Exchange Rate Index 4 | 100.9 (Oct23) | 101.0 | 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. |
Initiatives / FTAs
News
-
Macro News
192 items
-
RCI News
248 items
-
Opinions & Editorials
0 items
Publications
-
Economic Reports
34 items
-
Papers
37 items
-
ADB Books
0 items
-
ADB Working Paper Series0 items
on Regional Economic
Integration -
Studies and Research
12 items