AEIR 2021

Economic growth fell to 2.9% in 2020, down from the 7.0% growth in 2019, despite an effective COVID-19 response. Agriculture grew by 2.7% in 2020 from 2.0% in 2019, due to proactive export promotion . Industry and construction growth reached 4.0% in 2020, contributing 1.4 percentage points to growth, as effective COVID-19 controls led to a stable labor supply. Construction growth decreased to 6.8% in 2020 from 9.1% in 2019. Overall, services contribution to GDP growth dropped to 0.9 percentage points in 2020 from 2.8% in 2019. Consumption growth amounted to only 1.1% in 2020, with its contribution to GDP dropping to 0.8 percentage points. Net exports of goods and services added 0.3 points to growth, with 4.4% export growth above import growth of 3.9%. Inflation averaged 3.2% in 2020, slightly higher than 2.8% in 2019, despite an unexpected increase in pork prices in the first quarter of 2020 and severe floods in the third quarter.

Source: Asian Development Outlook 2021.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 1.0 (Sep21)1.0 899.2
Broad Money Growth 2 14.3 (Mar21)14.3 13.9
Headline Inflation Rate 3 2.8 (Aug21)2.6 3.2
Industrial/ Manufacturing Production Growth Rate 3 -7.4 (Aug21)2.2 -0.6
Merchandise Export Growth 3 -0.6 (Sep21)-0.6 -1.7
Exchange Rate Index 4 143.0 (Sep21)143.6 145.6
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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