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.
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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