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.
|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.|
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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