Economic growth slowed to 2.3% in 2020 from 6.0% in 2019. On the demand side, investment was the main driver, contributing 2.2 percentage points. Consumption reduced growth by 0.5% in 2020 after contributing 3.5% in 2019, in line with the drop in household consumption and retail sales. On the supply side, services remained the main contributor to growth contributing 2.1 percentage points in 2020, down from 5.1% in 2019. Economic growth is forecast at 8.1% in 2021 and 5.5%. in 2022 as household consumption continues to recover. On the supply side, hospitality, recreation, and tourism is expected to rebound as more people are vaccinated.
|Composite Stock Price Index 1||3.0 (Jun21)||3.0||2.0|
|Broad Money Growth 2||8.4 (May21)||8.4||8.1|
|Headline Inflation Rate 3||1.3 (May21)||0.9||2.4|
|Industrial/ Manufacturing Production Growth Rate 3||8.8 (May21)||9.8||4.4|
|Merchandise Export Growth 3||27.6 (May21)||27.6||31.8|
|Exchange Rate Index 4||79.7 (Jun21)||79.7||87.8|
|1 Monthly average, local index.|
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
|Source: Bloomberg LP; CEIC database; CEIC Database.|
Initiatives / FTAs
ADB Working Paper Series16 items
on Regional Economic
Studies and Research