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||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.|
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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