Asia Regional Integration Center
Tracking Asian Integration
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.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Composite Stock Price Index 1 | 15.0 (Jan21) | 14.0 | 12.0 |
Broad Money Growth 2 | 9.4 (Dec20) | 9.4 | 7.6 |
Headline Inflation Rate 3 | 0.1 (Dec20) | 0.1 | 1.1 |
Industrial/ Manufacturing Production Growth Rate 3 | 9.9 (Dec20) | 7.6 | 6.3 |
Merchandise Export Growth 3 | 12.0 (Dec20) | 12.0 | 12.0 |
Exchange Rate Index 4 | 88.0 (Jan21) | 88.6 | 93.6 |
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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