Although the economy strengthened in 2020, with GDP rising by 2.9%, a renewed COVID-19 outbreak, tighter labor supply, and disrupted production caused growth to slow to 2.6% in 2021. Industrial output rose by 4.0%, services by 1.2%, and agriculture by 2.9%. Private consumption grew by 2.0%, up from 2020 but still much lower than the 2019 growth rate of 7.4%. As the government cut current expenditures, public consumption declined to 2.9% in 2021 from 6.2% in 2020. Inflation decelerated to 1.8% from 3.2% on weak domestic demand; 2021 inflation was the lowest since 2016. High vaccination coverage, infrastructure development, and other stimulus measures are expected to help GDP to grow by 6.5% in 2022 and by 6.7% in 2023.
Source: Asian Development Outlook 2022.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 1.0 (Aug23)1.0 1.0
Broad Money Growth 2 3.3 (Apr23)3.3 2.7
Headline Inflation Rate 3 3.0 (Aug23)2.1 2.9
Industrial/ Manufacturing Production Growth Rate 3 2.6 (Aug23)2.3 13.3
Merchandise Export Growth 3 -7.6 (Aug23)-7.6 -2.2
Exchange Rate Index 4 150.0 (Aug23)148.8 147.1
1 Monthly average, local index.
2 %.
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
Source: Bloomberg LP; CEIC database; General Statistics Office.

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