Driven by a strong economic recovery, growth accelerated to 6.4% in 2021. Industrial output expanded by 12.8%, contributing 4.8 points with services growing by 3.0%, contributing 1.8 points. Hit by the worst drought in more than 5 decades and a typhoon, agriculture contracted by 4.2%. Net exports contributed 1.9 points to growth while investment, which grew 17.3% from the previous year, contributed 4.2 points. Unemployment rose to 4.8% after COVID-19 infections spiked in June 2021, but fell gradually to reach the pre-pandemic rate of 3.6% in December. Inflation reached 2.0% in 2021 as food, transportation, and crude oil prices rose. But core inflation remained stable. Economic growth is expected to moderate to 3.8% in 2022, dropping further to 3.0% in 2023. 
Source: Asian Development Outlook 2022.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 16.0 (Aug23)17.0 15.0
Broad Money Growth 2 7.2 (Jul23)7.2 6.9
Headline Inflation Rate 3 1.9 (Jul23)1.8 3.4
Industrial/ Manufacturing Production Growth Rate 3 -15.2 (Jul23)-17.3 -2.2
Merchandise Export Growth 3 -10.4 (Jul23)-10.4 -23.4
Exchange Rate Index 4 99.3 (Aug23)97.3 93.9
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database; Ministry of Economic Affairs; Ministry of Finance.

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