ASEAN economies’ GDPs remain robust, backed by services

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ASEAN economies remained buoyant as nominal GDP grew by 5.7 per cent to $2.31 trillion in 2012, a statement released by the ASEAN Secretariat said on October 21.

The continuing growth in the region was reflected in the improved GDP per capita at $3,751 in 2012 from $3,591 in 2011, the statement said citing to the latest statistic data figures.

The average income of five prominent ASEAN countries (ASEAN-5) that consist of Indonesia, Malaysia, Philippines, Singapore and Thailand has increased by 5.1 per cent in the first half of 2013, driven by favourable economic developments in the Philippines and Thailand.

On the other hand, ASEAN’s real GDP in 2012 advanced by 5.7 per cent, or 1.0 percentage point higher than it was in 2011. The ASEAN-5 growth rate outpaced the remaining ASEAN countries grouped in BCLMV (Brunei, Cambodia, Laos, Myanmar and Vietnam), and stood at 5. 8 per cent versus 5.3 per cent.

In term of comparable international exchange rate based on Purchasing Power Parity (PPP), ASEAN’s GDP in 2012 reached $3. 62 trillion. Meanwhile, ASEAN’s GDP per capita amounted to $5,869 in PPP terms.

Over time, the region’s service sector has become a significant catalyst for economic growth as the agriculture sector has decreased over the last seven years, the report said. In 2012, the service sector contributed the highest share to GDP in all ten ASEAN countries, ranging from 35 per cent to more than 60 per cent of GDP.

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Reading Time: 1 minute

Click to enlarge

ASEAN economies remained buoyant as nominal GDP grew by 5.7 per cent to $2.31 trillion in 2012, a statement released by the ASEAN Secretariat said on October 21.

Reading Time: 1 minute

ASEAN-graphic-large
Click to enlarge

ASEAN economies remained buoyant as nominal GDP grew by 5.7 per cent to $2.31 trillion in 2012, a statement released by the ASEAN Secretariat said on October 21.

The continuing growth in the region was reflected in the improved GDP per capita at $3,751 in 2012 from $3,591 in 2011, the statement said citing to the latest statistic data figures.

The average income of five prominent ASEAN countries (ASEAN-5) that consist of Indonesia, Malaysia, Philippines, Singapore and Thailand has increased by 5.1 per cent in the first half of 2013, driven by favourable economic developments in the Philippines and Thailand.

On the other hand, ASEAN’s real GDP in 2012 advanced by 5.7 per cent, or 1.0 percentage point higher than it was in 2011. The ASEAN-5 growth rate outpaced the remaining ASEAN countries grouped in BCLMV (Brunei, Cambodia, Laos, Myanmar and Vietnam), and stood at 5. 8 per cent versus 5.3 per cent.

In term of comparable international exchange rate based on Purchasing Power Parity (PPP), ASEAN’s GDP in 2012 reached $3. 62 trillion. Meanwhile, ASEAN’s GDP per capita amounted to $5,869 in PPP terms.

Over time, the region’s service sector has become a significant catalyst for economic growth as the agriculture sector has decreased over the last seven years, the report said. In 2012, the service sector contributed the highest share to GDP in all ten ASEAN countries, ranging from 35 per cent to more than 60 per cent of GDP.

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