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.
|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.|
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
ADB Working Paper Series0 items
on Regional Economic
Studies and Research