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 (Nov21)||16.0||13.0|
|Broad Money Growth 2||8.2 (Nov21)||8.2||8.5|
|Headline Inflation Rate 3||2.8 (Nov21)||2.5||0.1|
|Industrial/ Manufacturing Production Growth Rate 3||12.2 (Nov21)||11.6||7.7|
|Merchandise Export Growth 3||30.2 (Nov21)||30.2||24.5|
|Exchange Rate Index 4||86.6 (Dec21)||86.8||88.6|
|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.|
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