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 (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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