Asean GDP Remains Robust, Backed By Services

Jakarta, Oct 21 (Antara) - Statistics have revealed that ASEAN economies remained buoyant as the nominal Gross Domestic Product (GDP) grew by 5.7 percent, or US$2.31 trillion, in 2012, according to a written statement from the ASEAN Secretariat. The statement, received here on Monday, confirmed that the continued growth of the region is reflected in the improved GDP per capita, listed at US$3,751, up from US$3,591 in 2011. The most recent figures show that the average income of the ASEAN5 (Indonesia, Malaysia, Philippines, Singapore, and Thailand) has increased by 5.1 percent during the first half of this year, driven by favorable economic developments in the Philippines and Thailand. On the other hand, the ASEAN`s real GDP in 2012 has advanced by 5.7 percent, up by 1 percentage point compared with 2011. The ASEAN5 rate of growth has outpaced the CLMV country group by 5.8 percent and 5.3 percent for 2012 and 2011, respectively. In terms of a comparable international exchange rate, based on Purchasing Power Parity (PPP), the ASEAN`s GDP in 2012 reached PPP$3.62 trillion, while its GDP per capita amounted to PPP$5,869. Meanwhile, the Asian Development Bank`s Outlook (ADO) for 2013 estimates that regional economic growth in the Asia-Pacific region will pick up to 6.6 percent in 2013 and will reach 6.7 per cent in 2014. This is a distinct improvement over 2012, when growth stood at just over 6 percent. Consumer prices are expected to rise by 4 percent in 2013 and 4.2 percent in 2014, up from 3.7 percent last year. Leading regional economies are settling into a pattern of more moderate, more sustainable growth, founded on new opportunities closer to home, including domestic consumption and intra-regional trade. Meanwhile, Asia`s contributions to global imbalances and its persistent current account surpluses are smoothly winding down. However, developing Asia`s recovery phase remains vulnerable to shocks. Strong capital inflows could feed asset bubbles, for example.