As COVID-19 containment measures gradually eased, the economy expanded by 10.7% in the fourth quarter of 2021 at a seasonally adjusted annualized rate .This was mainly due to a 22.1% surge in consumption and a 52.4% growth in fixed capital investment. The unemployment rate (seasonally adjusted) declined by 3.2% during the quarter. Despite this, business and consumer sentiment remain depressed—the consumer confidence index remained below the 100-point threshold, while the business confidence index continued to decline from –16.4 in November to –23.2 in December. Inflation inched up to 5.9% in the fourth quarter, the highest in over 2 decades, exceeding the central bank’s 1%–3% target range. The release of pent-up demand after the easing of COVID-19 restrictions is expected to support domestic economic activity, while buoyant global demand for commodities should benefit the external sector. As of 7 March 2022, Consensus Forecasts projected that GDP will grow by 3.3% in 2022 and 3.0% in 2023.
|Composite Stock Price Index 1||1.0 (Oct23)||1.0||1.0|
|Broad Money Growth 2||6.4 (Jan17)||6.4||6.4|
|Headline Inflation Rate 3||5.7 (Sep23)||7.2|
|Industrial/ Manufacturing Production Growth Rate 3||-6.6 (Dec22)||-0.1|
|Merchandise Export Growth 3||-17.4 (Sep23)||-17.4||-10.0|
|Exchange Rate Index 4||85.7 (Oct23)||86.1||82.8|
|1 Monthly average, local index.|
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
|Source: Bloomberg LP; CEIC database.|
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