AEIR 2023

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 15.0 (Feb23)14.0 17.0
Broad Money Growth 2 7.0 (Jan23)7.0 6.7
Headline Inflation Rate 3 2.7 (Dec22)2.4 2.6
Industrial/ Manufacturing Production Growth Rate 3 -20.5 (Jan23)-8.0 8.5
Merchandise Export Growth 3 -17.1 (Feb23)-17.1 -21.2
Exchange Rate Index 4 94.2 (Feb23)94.9 87.0
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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