The economy rebounded modestly in 2021, with GDP growing by 1.4% after declining by 4.6% in 2020. Growth in both services and mining helped cushion the decline in agriculture and other non-mining industries. Trade disruptions also weighed down economic growth, with the closure of the main trade portal with the People’s Republic of China in October 2021 and continued COVID-19 restrictions. Government consumption continued to grow, but private consumption slid by 6.6% due to low labor force participation and high inflation. Despite this, the economic outlook remains generally positive for the next 2 years, supported by continued growth in services, a possible recovery in agriculture, and continued influx of investment. GDP is forecast to grow by 2.3% in 2022 and by 5.6% in 2023.
Source: Asian Development Outlook 2022.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 35.0 (Oct23)34.0 33.0
Broad Money Growth 2 15.2 (Feb23)15.2 10.9
Headline Inflation Rate 3 10.1 (Sep23)10.0 13.8
Industrial/ Manufacturing Production Growth Rate 3 -5.2 (Jun20)-25.3 -7.8
Merchandise Export Growth 3 9.1 (Sep23)9.1 2.4
Exchange Rate Index 4 281.7 (Oct23)282.5 274.4
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database.

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