Asia Regional Integration Center
Tracking Asian Integration
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.
|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.|
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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