AEIR 2021

The economy grew by 3.1% in 2020, as the pandemic was well-controlled early on and lockdowns were avoided. Strong exports of semiconductors and other electronics, particularly in the second half of the year, supported the expansion. Exports grew by 1.1% in real terms, imports decreased by 3.9%, leaving net exports contributing 2.7 percentage points to growth. However, private consumption decreased by 2.4% due to pandemic-related restrictions and a sharp drop in tourism, dragging down growth by 1.2 percentage points. Services added another 0.7 points despite the sector growing by 1.2%, with steep declines in transportation, accommodation, and food services. Core inflation, which leaves out food and energy, fell to 0.2% with wholesale prices to 7.8% as energy products, chemical materials, pharmaceuticals, and base metal prices dipped.

Source: Asian Development Outlook 2021.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 17.0 (Jun21)16.0 11.0
Broad Money Growth 2 9.2 (May21)9.2 9.0
Headline Inflation Rate 3 1.9 (Jun21)2.5 -0.8
Industrial/ Manufacturing Production Growth Rate 3 16.5 (May21)14.1 1.7
Merchandise Export Growth 3 35.1 (Jun21)35.1 38.6
Exchange Rate Index 4 86.7 (Jun21)87.0 92.7
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.

Initiatives / FTAs