ASEAN GDP remains robust, backed by services

on Monday, 21 October 2013. Posted in ASEAN Secretariat News

ASEAN GDP remains robust, backed by services

JAKARTA, 21 October -The latest statistics revealed that ASEAN economies remained buoyant as nominal Gross Domestic Product (GDP) grew by 5.7 percent at US$ 2.31 trillion in 2012. The continued growth of the region is reflected in the improved GDP per capita at US$ 3,751 from US$ 3,591 in 2011. Most recent figure showed that averaged income of ASEAN5 (Indonesia, Malaysia, Philippines, Singapore and Thailand) has increased by 5.1 percent during the first semester of this year, driven by favorable economic developments in Philippines and Thailand.

 

On the other hand, ASEAN’s real GDP in 2012 advanced by 5.7 percent, higher by 1.0 percentage point than in 2011. ASEAN5 rate of growth has outpaced the CLMV country group at 5.8 percent and 5.3 percent, respectively.

 

In terms of comparable international exchange rate, based on Purchasing Power Parity (PPP), ASEAN’s GDP in 2012 reached PPP$ 3.62 trillion while ASEAN’s GDP per capita amounted to PPP$ 5,869

 

Services sector, catalyst for economic growth

Over time, the region’s service sector has become a catalyst for economic growth, as the agriculture sector has decreased over the last seven years. In 2012, services sector contributed the highest share to GDP in all ten Member States, ranging from 35 percent to more than 60 percent of GDP. After ASEAN5’s economy has gradually shifted to the tertiary sector, the BCLMV country group is currently developing their secondary and tertiary sector.


More detailed information and figures on this topic are presented in a snapshot publication available here.