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 (Jul21)||17.0||12.0|
|Broad Money Growth 2||8.7 (Jul21)||8.7||8.9|
|Headline Inflation Rate 3||2.0 (Jul21)||1.9||-0.5|
|Industrial/ Manufacturing Production Growth Rate 3||13.9 (Jul21)||18.0||3.0|
|Merchandise Export Growth 3||26.9 (Aug21)||26.9||34.7|
|Exchange Rate Index 4||86.9 (Aug21)||87.3||91.9|
|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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