Asia Regional Integration Center
Tracking Asian Integration
The pandemic response saw GDP growth surge by 70.8% at a seasonally adjusted annualized rate (saar) in the third quarter of 2020, but contract by 5.9% in the fourth quarter. Private consumption grew by 4.2% in the fourth quarter, while fixed capital formation contracted by 5.4%. Net exports cut GDP growth by 10.2 percentage points. Border restrictions halted tourism during peak season, with visitor arrivals decreasing by 99%. The seasonally adjusted unemployment rate rose during the pandemic, although it fell slightly from 5.3% in the third quarter to 4.9% in the fourth quarter. Fourth quarter inflation, at 1.4%, was below the central bank’s 2.0% target. Fiscal and monetary stimulus, and effective containment measures, buoyed the economy. A wage subsidy scheme reduced job losses and supported households.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Composite Stock Price Index 1 | 1.0 (Apr22) | 1.0 | 2.0 |
Broad Money Growth 2 | 6.4 (Jan17) | 6.4 | 6.4 |
Headline Inflation Rate 3 | 6.9 (Mar22) | 1.5 | |
Industrial/ Manufacturing Production Growth Rate 3 | 1.8 (Dec17) | 0.8 | |
Merchandise Export Growth 3 | 12.8 (Mar22) | 12.8 | 6.8 |
Exchange Rate Index 4 | 98.2 (Apr22) | 99.9 | 103.6 |
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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