AEIR 2021

GDP growth stabilized at 2.7% in 2019, the same as in 2018. Domestic demand remained the main driver of growth. Gross capital formation expanded by 5.4% as several companies re-shored operations, mainly from the People’s Republic of China. On the supply side, growth in services fell slightly to 2.7% in 2019 as wholesale and retail trade growth slowed. The cyclical downturn in semiconductors decelerated industrial growth to 0.6% from 3.2%, while excessive rainfall led agriculture to contract. Inflation moderated to 0.6% despite rising food prices, and the current account surplus narrowed from 11.6% of GDP in 2018 to 10.5%. GDP growth is forecast to slow to 1.8% in 2020 on the impact of COVID-19, rising to 2.5% in 2021 as exports and public investment expands.
Source: Asian Development Outlook 2020, ADB
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 15.0 (Feb21)15.0 11.0
Broad Money Growth 2 8.1 (Jan21)8.1 9.4
Headline Inflation Rate 3 -0.2 (Jan21)0.1 1.9
Industrial/ Manufacturing Production Growth Rate 3 18.8 (Jan21)10.3 -1.5
Merchandise Export Growth 3 36.9 (Jan21)36.9 12.0
Exchange Rate Index 4 87.8 (Feb21)87.8 88.0
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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