Economic growth recovered to 8.1% in 2021 from 2.2% in 2020, primarily driven by consumption. However, the economy showed signs of slowing in the second half of 2021. Household consumption accelerated by 12.6% in 2022, reversing a 4.0%-contraction in 2020. On the supply side, services contributed most, growing by 4.4%, with industry up by 3.1% and agriculture by 7.1%. GDP is expected to expand by 5.0% in 2022. With monetary policy expected to ease, exports should grow along with services (as domestic consumption improves). Economic growth is forecast to moderate to 4.8% in 2023 due to a slowdown in return on investment, coupled with a shrinking labor force.
|Composite Stock Price Index 1||3.0 (Dec22)||3.0||3.0|
|Broad Money Growth 2||12.4 (Nov22)||12.4||11.9|
|Headline Inflation Rate 3||1.6 (Nov22)||2.1||2.3|
|Industrial/ Manufacturing Production Growth Rate 3||2.2 (Nov22)||5.0||3.8|
|Merchandise Export Growth 3||-9.2 (Nov22)||-9.2||-0.6|
|Exchange Rate Index 4||86.5 (Dec22)||88.9||79.0|
|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