48 SELECTED ECONOMIC INDICATORS                                            
  ASIAN COUNTRIES                                            
        Philippines   Malaysia   Indonesia   Thailand   Singapore   India   South Korea   Taiwan   China   Vietnam  
I. Real Sector
A. Real GDP Growth Rate 1 2020 -9.5 -5.5 -2.1 -6.1 -3.9 -5.9 -0.7 3.4 2.2 2.9
(in percent) 2021 5.7 3.3 3.7 1.6 9.7 9.4 4.3 6.6 8.4 2.6
2022 7.6 8.7 5.3 2.5 3.8 6.5 2.6 2.6 3.0 8.1
2023 5.5 3.7 5.0 1.9 1.1 7.7 1.4 1.3 5.2 5.0
Q1 6.4 5.6 5.0 2.6 0.5 6.2 0.9 -3.5 4.5 3.4
Q2 4.3 2.9 5.2 1.8 0.5 8.2 0.9 1.4 6.3 4.2
Q3 6.0 3.3 4.9 1.4 1.0 8.1 1.4 2.1 4.8 5.5
Q4 5.5 3.0 5.0 1.7 2.2 8.4 2.2 4.9 5.2 6.7
2024 Q1 5.7 - 5.1 - - - 3.4 6.5 5.3 5.7
B. Nominal GDP Growth Rate 1
(in percent) 2020 -8.0 -6.2 -2.5 -7.3 -6.2 -2.6 0.8 5.3 2.7 4.4
2021 8.1 9.2 9.9 3.4 20.9 18.6 7.2 8.8 13.4 5.5
2022 13.5 15.7 15.4 7.3 17.8 15.4 3.6 4.7 4.8 12.5
2023 10.4 1.7 6.7 3.1 -2.0 9.3 3.7 3.8 4.6 7.0
Q1 13.9 5.2 12.5 5.3 -2.0 9.2 2.3 -3.2 5.2 6.4
Q2 9.1 -1.2 6.6 2.8 -5.8 8.5 2.0 3.4 5.4 5.9
Q3 9.8 1.3 4.5 2.3 -2.8 9.6 4.8 6.3 3.9 7.0
Q4 9.3 1.9 3.7 2.1 2.6 10.1 5.8 8.7 4.2 8.6
2024 Q1 8.8 - 4.3 - - - - 10.3 4.2 9.2
C. Inflation Rate 2
(in percent) 2020 2.4 -1.1 2.0 -0.8 -0.2 6.6 0.5 -0.2 2.5 3.2
2021 3.9 2.5 1.6 1.2 2.3 5.1 2.5 2.0 0.9 1.8
2022 5.8 3.4 4.2 6.1 6.1 6.7 5.1 2.9 2.0 3.2
2023 6.0 2.5 3.7 1.2 4.8 5.7 3.6 2.5 0.2 3.3
Q1 8.3 3.6 5.2 3.9 6.1 6.2 4.6 2.6 1.3 4.2
Q2 6.0 2.8 3.9 1.1 5.1 4.6 3.3 2.0 0.1 2.4
Q3 5.4 2.0 2.9 0.5 4.1 6.4 3.1 2.4 -0.1 2.9
Q4 4.3 1.6 2.7 -0.5 4.0 5.4 3.4 2.9 -0.3 3.5
2024 Q1 3.3 1.7 2.8 -0.8 3.0 5.0 3.0 2.3 0.0 3.8
Q2 3.8 e - 3.0 e 0.2 e - - 2.9 e 2.0 e - 4.4 e
D. Unemployment Rate 3
(in percent) 2020 10.3 4.5 6.0 1.6 3.0 4.8 4.0 3.8 4.0 2.6
2021 7.8 4.7 6.4 - 2.7 4.2 3.6 4.0 3.9 3.1
2022 5.4 p 3.8 5.8 - 2.1 4.1 2.9 3.7 - 2.3
2023 4.3 p 3.4 - - 1.9 3.2 2.7 3.5 - 2.3
Q1 4.8 3.5 5.5 1.0 1.6 - 2.7 3.5 - 2.3
Q2 4.5 p 3.5 - 1.1 2.4 - 2.6 3.5 - 2.3
Q3 4.8 p 3.4 5.3 - 1.9 - 2.6 3.5 - 2.3
Q4 4.2 p 3.3 - - 1.8 - 2.8 3.4 - 2.3
2024 Q1 4.5 p - - - 1.9 - 2.9 3.4 - 2.2
                                               
48 SELECTED ECONOMIC INDICATORS                                            
  ASIAN COUNTRIES                                            
        Philippines   Malaysia   Indonesia   Thailand   Singapore   India   South Korea   Taiwan   China   Vietnam  
II. External Transactions 
A. Trade  (in million US dollars) 4
1. Exports 5 2020 65,215 234,050 163,192 231,634 373,717 276,467   512,498 345,126 2,597,571 282,629
2021 74,693 299,525 231,522 272,006 457,066 395,472   644,400 446,371 3,368,232 336,167
2022 79,574 352,554 291,979 287,425 514,956 453,260   683,585 479,415 3,604,507 371,715
2023 73,617 p 312,590 258,797 284,562 475,422 431,445 r 632,226 432,432 3,422,171 353,782
Q1 17,159 p 80,760 67,061 71,164 119,231 114,771 r 151,216 97,714 821,891 79,550
Q2 18,177 p 77,029 61,592 71,648 114,338 103,895   155,783 104,357 864,224 85,880
Q3 19,747 p 76,958 63,607 71,899 118,771 107,199   157,103 114,882 865,677 93,511
Q4 18,534 p 77,955 66,537 69,850 123,050 105,580 r 168,124 115,480 870,380 94,840
2024 Q1 17,975 p 76,724 62,202 70,995 123,832 120,388 163,766 110,325 807,696 92,875 r
Q2 - - - - - - - - - 30,940 e
(Growth rate in percent) ** 2020 -8.1 -2.6 -2.7 -5.9 -4.3 -14.7 -5.5 4.9 4.0 6.9
2021 14.5 28.0 41.9 17.4 22.3 43.0 25.7 29.3 29.7 18.9
2022 6.5 17.7 26.1 5.7 12.7 14.6 6.1 7.4 7.0 10.6
2023 -7.5 p -11.3 -11.4 -1.0 -7.7 -4.8 -7.5 -9.8 -5.1 -4.8
Q1 -12.6 p -1.8 1.4 -3.3 -5.1 -1.9 -12.8 -19.2 0.1 -11.6
Q2 -5.6 p -15.0 -17.9 -5.2 -14.6 -14.1 -12.0 -17.0 -5.4 -11.6
Q3 -1.0 p -17.8 -18.7 -0.5 -12.6 -3.2 -9.7 -5.1 -10.8 -2.4
Q4 -10.6 p -9.2 -8.4 5.8 3.0 1.0 5.7 3.3 -3.3 6.9
2024 Q1 4.8 p -5.0 -7.2 -0.2 3.9 4.9 8.3 12.9 -1.7 16.8 r
Q2 - - - - - - - - - 10.6 e
2. Imports 5 2020 89,812 190,433 141,569 206,156 328,654 373,283   467,633 286,148 2,060,115 262,691
2021 116,885 238,299 196,190 266,882 406,305 573,174   615,093 381,958 2,678,857 332,843
2022 137,221 294,504 237,447 301,030 475,404 720,196   731,370 428,083 2,715,538 359,575
2023 126,209 p 265,654 221,886 289,754 422,485 673,827 r 642,572 351,441 2,563,585 325,776
Q1 31,613 p 66,096 54,950 72,700 104,106 167,329 r 174,044 88,748 616,815 74,620
Q2 31,348 p 65,126 53,778 73,521 102,496 160,051 r 159,247 86,540 637,604 77,848
Q3 31,525 p 64,228 55,792 71,424 107,281 170,269 r 150,720 87,444 639,050 84,806
Q4 31,722 p 70,103 57,366 72,109 108,558 176,179 r 158,561 88,708 670,116 88,502
2024 Q1 29,220 p 69,479 54,896 75,470 108,996 170,737 154,723 91,364 623,981 85,083 r
Q2 - - - - - - - - - 30,260 e
(Growth rate in percent) ** 2020 -19.5 -7.1 -17.1 -12.7 -8.4 -23.2   -7.1 0.2 -0.4 3.7
2021 30.1 25.1 38.6 29.5 23.6 53.5   31.5 33.5 30.0 26.7
2022 17.4 23.6 21.0 12.8 17.0 25.7   18.9 12.1 1.4 8.0
2023 -8.0 p -9.8 -6.6 -3.7 -11.1 -6.4   -12.1 -17.9 -5.6 -9.4
Q1 -2.8 p -1.0 -3.3 -0.7 -8.0 -2.5   -2.2 -15.9 -6.2 -15.4
Q2 -12.6 p -15.7 -9.4 -7.7 -18.6 -12.8   -13.2 -24.3 -7.0 -20.4
Q3 -14.1 p -18.9 -11.9 -10.7 -14.5 -9.9 r -21.6 -19.1 -9.4 -5.8
Q4 -1.4 p -1.3 -1.0 5.8 -2.0 0.1   -10.7 -11.5 0.4 6.0
2024 Q1 -7.6 p 5.1 -0.1 3.8 4.7 2.0 -11.1 2.9 1.2 14.0 r
Q2 - - - - - - - - - 19.9 e
                                               
48 SELECTED ECONOMIC INDICATORS                                            
  ASIAN COUNTRIES                                            
        Philippines   Malaysia   Indonesia   Thailand   Singapore   India   South Korea   Taiwan   China   Vietnam  
3. Trade Balance 5 2020 -24,597 43,618 21,623 25,478 45,063 -96,816   44,865 58,978 537,455 19,938
2021 -42,192 61,226 35,333 5,124 50,761 -177,702   29,307 64,414 689,375 3,324
2022 -57,647 58,073 54,532 -13,605 39,552 -266,936   -47,785 51,333 888,969 12,140
2023 -52,592 p 47,148 36,911 -5,192 52,937 -242,381 r -10,346 80,992 858,586 28,006
Q1 -14,455 p 14,665 12,111 -1,536 15,125 -52,558 r -22,827 8,966 205,076 4,930
Q2 -13,171 p 11,902 7,815 -1,873 11,843 -56,156 r -3,464 17,817 226,620 8,032
Q3 -11,778 p 12,729 7,815 475 11,490 -63,069 r 6,382 27,437 226,626 8,705
Q4 -13,189 p 7,852 9,171 -2,259 14,492 -70,598 r 9,563 26,772 200,264 6,338
2024 Q1 -11,245 p 7,245 7,306 -4,475 14,836 -50,349 9,043 18,960 183,714 7,792 r
Q2 - - - - - - - - - 680 e
(As percent to GDP) * 2020 -6.8 12.9 2.0 5.1 12.9 -3.7 2.7 8.8 3.7 5.8
2021 -10.7 16.4 3.0 1.0 11.7 -5.8 1.6 8.3 3.9 0.9
2022 -14.3 14.3 4.1 -2.7 7.9 -8.0 -2.9 6.7 5.0 3.0
2023 -12.0 p 11.8 2.7 -1.0 10.6 -6.9 r -0.6 10.7 4.8 6.5
Q1 -14.1 p 14.5 3.6 -1.2 12.5 -6.1 -5.6 5.0 4.9 5.1
Q2 -12.4 p 12.3 2.2 -1.5 9.5 -6.5 -0.8 9.6 5.2 7.7
Q3 -11.4 p 12.7 2.2 0.4 9.2 -7.4 1.5 14.3 5.1 8.1
Q4 -10.5 p 7.7 2.7 -1.7 11.1 -7.8 2.1 13.6 4.2 5.2
2024 Q1 -10.3 p - 2.2 - - - - 9.9 4.5 7.5
B. Current Account 
1. Current Account Balance 5 2020 11,578 14,058 -4,433 20,933 57,955 32,730 75,902 97,560 248,836 15,060
(in million US dollars) 2021 -5,943 14,168 3,511 -10,269 86,134 -33,422 85,228 118,298 352,886 -8,149 r
2022 -18,261 11,144 13,215 -15,742 89,700 -79,051 25,829 100,926 443,374 -1,074
2023 -11,206 p 4,995 -1,567 7,002 99,124 -32,336 35,488 105,329 252,987 28,178
Q1 -4,439 p 975 3,009 3,496 24,003 -1,336 -5,960 19,446 76,737 4,270
Q2 -3,972 p 2,013 -2,247 -1,053 24,456 -9,098 7,106 22,358 59,280 7,860
Q3 -2,276 p 1,974 -1,039 2,549 25,161 -11,398 15,599 28,686 60,779 9,673
Q4 -520 p 54 -1,290 2,010 25,491 -10,504 18,743 34,839 56,192 6,375
2024 Q1 - - - 2,857 - - 9,904 d - - -
(As percent to GDP) * 2020 3.2 4.2 -0.4 4.2 16.6 1.3 4.6 14.5 1.7 4.3
2021 -1.5 3.8 0.3 -2.0 19.8 -1.1 4.7 15.3 2.0 -2.2 r
2022 -4.5 2.7 1.0 -3.2 18.0 -2.4 1.5 13.3 2.5 -0.3
2023 -2.6 p 1.2 -0.1 1.4 19.8 -0.9 2.1 13.9 1.4 6.6
Q1 -4.3 p 1.0 0.9 2.6 19.8 -0.2 -1.5 10.8 1.8 4.4
Q2 -3.8 p 2.1 -0.6 -0.8 19.6 -1.1 1.7 12.1 1.3 7.6
Q3 -2.2 p 2.0 -0.3 2.0 20.2 -1.3 3.6 14.9 1.4 9.0
Q4 -0.4 p 0.1 -0.4 1.5 19.5 -1.2 4.2 17.6 1.2 5.2
                                               
48 SELECTED ECONOMIC INDICATORS                                            
  ASIAN COUNTRIES                                            
        Philippines   Malaysia   Indonesia   Thailand   Singapore   India   South Korea   Taiwan   China   Vietnam  
C. Financial Account 
1. Net Foreign Direct Investments Flows 5,6 2020 6,822 4,025 19,175 -4,947 80,731 64,362 8,765 6,053 253,096 15,800
(in million US dollars) 2021 11,983 18,672 21,213 15,159 137,265 44,727 22,060 5,416 344,075 15,660
2022 9,492 15,007 24,702 11,232 148,761 49,940 25,045 10,158 190,204 r 17,900
2023 8,864 p 8,248 21,701 2,969 175,235 28,166 15,178 5,700 42,728 18,500
Q1 2,090 p 3,062 6,207 2,795 41,826 9,319 3,955 2,181 23,556 r 3,450
Q2 1,927 p 1,085 5,555 218 44,226 7,399 2,985 2,001 13,565 r 4,550
Q3 2,296 p 1,554 5,081 824 33,051 3,066 3,092 582 -12,062 r 4,670
Q4 2,552 p 2,569 4,858 -869 56,108 8,382 5,147 936 17,668 5,830
2024 Q1 2,271 d - - - - - -484 d - - -
(Growth rate in percent) ** 2020 -21.3 -55.8 -23.3 -189.6 -23.8 27.2 -9.0 -26.5 35.2 -2.0
2021 75.7 363.9 10.6 406.4 70.0 -30.5 151.7 -10.5 35.9 -0.9
2022 -20.8 -19.6 16.4 -25.9 8.4 11.7 13.5 87.6 -44.7 r 14.3
2023 -6.6 p -45.0 -12.1 -73.6 17.8 -43.6 -39.4 -43.9 -77.5 3.4
Q1 -20.0 p 9.8 4.6 -56.7 12.5 -46.0 -43.8 -33.8 -78.0 r -2.0
Q2 -12.0 p -75.9 -30.2 -54.7 29.2 -54.5 -22.4 -45.1 -64.1 r 0.9
Q3 6.7 p -65.1 -9.1 -60.4 3.7 -66.3 -60.8 -45.2 -179.4 r 9.9
Q4 0.6 p -20.5 -6.9 -139.1 23.3 14.4 -18.0 -56.6 -41.2 3.7
2024 Q1 48.2 d - - - - - -148.2 d - - -
2. Net Foreign Portfolio Investments Flows 5, 7
(in million US dollars) 2020 8,246 2,643 4,567 -7,890 -3,641 15,793 17,162 -22,881 246,775 -1,260
2021 -2,428 13,175 6,863 4,865 10,069 8,408 59,090 -21,155 176,628 271
2022 1,402 -4,568 -6,585 8,197 26,144 -17,529 19,778 -45,714 -108,980 r 1,510
2023 582 p 1,432 5,161 -10,487 4,255 31,459 37,923 7,342 14,057 -1,155
Q1 1,047 p -3,863 4,292 -2,824 -10,731 -1,588 4,914 8,448 -18,316 r 266
Q2 -727 p 4,036 -1,814 -3,048 3,666 16,089 22,607 6,195 8,336 r -400
Q3 -1,576 p 282 -2,470 -3,469 -1,429 5,286 2,951 -19,571 -21,775 r -371
Q4 1,838 p 834 5,154 -1,146 12,617 11,671 7,451 12,270 45,813 -650
2024 Q1 - - - - - - 17,172 d - - -
(Growth rate in percent) ** 2020 69.1 -24.6 -78.8 -734.3 -159.1 -41.0 -0.6 -370.0 67.5 -142.1
2021 -129.4 398.5 50.3 161.7 376.6 -46.8 244.3 7.5 -28.4 121.5
2022 157.8 -134.7 -196.0 68.5 159.7 -308.5 -66.5 -116.1 -161.7 r 457.2
2023 -58.5 p 131.3 178.4 -227.9 -83.7 279.5 91.7 116.1 112.9 -176.5
Q1 4.5 p -440.6 337.7 -171.7 -9,068.5 88.9 -56.2 157.0 50.8 r 187.2
Q2 21.5 p 259.2 21.6 -467.4 -36.6 209.8 3,084.1 147.5 122.1 r -142.1
Q3 -182.3 p 159.4 -65.1 -744.2 -119.6 -23.4 -59.9 3.2 43.0 r -37.9
Q4 -2.5 p 132.6 631.7 -129.9 -1.3 158.4 280.0 418.8 987.8 -157.3
2024 Q1 - - - - - - 108.6 d - - -
                                               
48 SELECTED ECONOMIC INDICATORS                                            
  ASIAN COUNTRIES                                            
        Philippines   Malaysia   Indonesia   Thailand   Singapore   India   South Korea   Taiwan   China   Vietnam  
D. Overall Balance of Payments 5
(in million US dollars) 2020 16,022 - 2,597 18,353 74,879 102,692 - - - 16,632
2021 1,345 - 13,461 -7,097 66,174 66,913 - - - 14,290
2022 -7,263 - 3,999 -10,232 -114,189 -30,738 - - - -22,745
2023 3,672 - 6,301 2,560 60,945 38,528 - - - 5,609
Q1 3,453 - 6,517 2,710 23,499 5,579 - - - 1,540
Q2 -1,193 - -7,372 -3,349 18,748 24,432 - - - 3,040
Q3 -524 - -1,462 1,496 9,058 2,519 - - - -1,451
Q4 1,936 - 8,617 1,703 9,773 5,998 - - - 2,480
2024 Q1 238 - - 1,847 - - - - - -
E. External Debt  8
Levels (in billion US dollars) 2020 98.5 238.8 416.9 190.1 1,781.3 563.8 550.6 189.9 2,400.8 130.1
2021 106.4 258.7 414.0 196.2 1,866.6 613.1 630.7 213.6 2,746.6 139.5
2022 111.3 259.4 396.5 200.3 1,938.9 611.8 665.2 202.1 2,452.8 144.7 r
2023 125.4 270.6 407.1 193.2 1,997.0 648.2 663.6 206.5 2,447.5 -
Q1 118.8 265.1 403.1 201.8 1,880.8 624.3 665.0 193.0 2,490.9 -
Q2 117.9 259.3 396.3 192.8 1,893.6 629.1 665.1 201.0 2,433.8 -
Q3 118.8 267.0 394.2 190.0 1,923.5 637.3 649.3 202.5 2,382.9 -
Q4 125.4 270.6 407.1 193.2 1,997.0 648.2 663.6 206.5 2,447.5 -
(As percent to GDP) * 2020 27.2 67.6 39.3 38.0 488.4 21.5 33.4 28.2 16.3 37.5
2021 27.0 69.7 34.9 38.8 432.6 20.0 34.7 27.6 15.4 38.1
2022 27.5 63.9 30.1 40.4 379.4 19.2 39.8 26.6 13.7 35.3 r
2023 28.7 68.2 29.7 37.5 391.1 18.7 38.8 27.3 13.8 -
Q1 28.9 64.5 30.1 40.4 364.9 19.0 40.2 26.1 14.0 -
Q2 28.5 67.1 29.3 38.3 381.1 18.8 40.4 27.2 13.7 -
Q3 28.0 69.0 29.0 37.3 392.5 18.8 38.8 27.3 13.5 -
Q4 28.7 68.2 29.7 37.5 391.1 18.7 38.8 27.3 13.8 -
                                               
48 SELECTED ECONOMIC INDICATORS                                            
  ASIAN COUNTRIES                                            
        Philippines   Malaysia   Indonesia   Thailand   Singapore   India   South Korea   Taiwan   China   Vietnam  
F.  Gross International Reserves    
(in million US dollars) 2020 110,117 107,636 135,897 258,134 362,305 585,771 443,098 529,911 3,216,522 95,452
2021 108,794 116,890 144,905 245,997 417,904 633,614 463,118 548,408 3,250,166 109,963
2022 96,149 114,600 137,233 216,633 289,484 562,721 423,164 554,932 3,127,691 87,131
2023 103,753 113,500 146,384 224,484 351,031 622,452 420,148 570,595 3,237,977 -
Q1 101,548 115,500 145,189 224,482 312,897 578,449 426,069 560,279 3,183,872 88,856
Q2 99,387 111,400 137,541 218,228 331,188 595,051 421,454 564,834 3,192,998 91,729
Q3 98,116 110,100 134,856 211,750 337,397 587,714 414,118 564,009 3,115,070 90,082
Q4 103,753 113,500 146,384 224,484 351,031 622,452 420,148 570,595 3,237,977 -
2024 Q1 104,068 r 113,800 140,390 223,363 368,494 646,419 419,251 568,100 3,245,657 -
Q2 103,438 p, f 112,800 f 136,218 f - - - 413,260 f 567,019 f 3,200,831 f -
G.  Import Cover* 9
       (Equivalent in months of goods)   2020 14.7 6.8 11.5 15.0 12.7 18.8 11.4 22.2 18.7 4.4
2021 11.2 5.9 8.9 11.1 12.4 13.3 9.0 17.2 14.6 4.0
2022 8.4 4.7 6.9 8.6 7.1 9.4   6.9 15.6 13.8 2.9
2023 9.9 5.1 7.9 9.3 9.8 11.1   7.8 19.5 15.2 -
Q1 8.9 4.7 7.4 9.0 7.8 9.7   7.0 16.3 14.3 3.1
Q2 9.0 4.8 7.2 8.9 8.9 10.3   7.2 17.7 14.6 3.4
Q3 9.3 5.0 7.3 8.9 9.6 10.5   7.5 18.6 14.6 3.4
Q4 9.9 5.1 7.9 9.3 9.8 11.1   7.8 19.5 15.2 -
2024 Q1 10.1 5.1 7.6 r 9.2 10.4 11.5 8.1 19.3 r 15.2 -
Q2 10.0 p, f 5.0 f 7.4 f - - - 8.0 f 19.2 f 14.9 f -
H.  Exchange Rate 
Levels (local currency / US dollars) 2020 49.62 4.20 14,582.20 31.29 1.38 74.11 1,179.90 29.58 6.90 23,208.40
2021 49.25 4.14 14,308.14 31.98 1.34 73.93 1,144.32 28.02 6.45 23,159.79
2022 54.48 4.40 14,849.85 35.06 1.38 78.58 1,291.75 30.05 6.73 23,271.06
2023 55.63 4.56 15,236.88 34.80 1.34 82.57 1,306.21 31.16 7.08 23,793.52
Q1 54.86 4.39 15,240.65 33.91 1.33 82.20 1,275.76 30.40 6.84 23,618.74
Q2 55.65 4.53 14,869.86 34.48 1.34 82.16 1,315.51 30.71 7.01 23,667.52
Q3 55.96 4.63 15,213.03 35.17 1.35 82.68 1,312.16 31.69 7.24 23,891.84
Q4 56.06 4.70 15,624.00 35.65 1.35 83.25 1,321.41 31.84 7.22 23,995.96
2024 Q1 55.96 4.72 15,659.59 35.66 1.34 83.03 1,329.56 31.45 7.19 23,984.68
Q2 56.95 e - 16,100.00 e 36.79 e 1.36 e 83.40 e 1,369.25 e - 7.24 e 24,140.24 e
(Growth rate in percent) 2020 -4.2 1.5 3.1 0.8 1.1 5.3 1.2 -4.3 -0.1 0.7
2021 -0.7 -1.4 -1.9 2.2 -2.6 -0.2 -3.0 -5.3 -6.5 -0.2
2022 10.6 6.2 3.8 9.6 2.6 6.3 12.9 7.2 4.4 0.5
2023 2.1 3.6 2.6 -0.7 -2.6 5.1 1.1 3.7 5.2 2.2
Q1 6.5 4.7 6.2 2.6 -1.5 9.3 5.9 4.9 7.7 2.1
Q2 5.7 4.0 2.2 0.2 -2.7 6.5 4.3 4.2 6.1 2.4
Q3 -0.7 3.2 1.9 -3.4 -3.4 0.6 -2.2 4.2 5.7 2.9
Q4 -2.3 2.6 0.4 -2.0 -2.7 1.3 -2.8 1.5 1.5 1.6
2024 Q1 2.0 7.6 2.7 5.2 0.6 1.0 5.4 3.5 5.1 1.5
Q2 3.0 e - 8.3 e 7.3 e 1.9 e 1.7 e 3.6 e - 5.1 e 2.2 e
                                               
48 SELECTED ECONOMIC INDICATORS                                            
  ASIAN COUNTRIES                                            
        Philippines   Malaysia   Indonesia   Thailand   Singapore   India   South Korea   Taiwan   China   Vietnam  
  III.  Money & Credit
(end of period)
A. Narrow Money 10 2020 21.2 15.7 14.9 14.2 32.8 19.6 25.7 16.2 8.6 19.6
(Growth rate in percent) 2021 13.6 10.4 17.9 14.0 10.1 16.5 14.6 12.8 3.5 19.8
2022 6.8 4.3 9.5 3.1 -10.7 7.6 -9.9 4.1 3.7 -7.6
2023 3.7 p 5.9 2.1 4.2 2.1 7.1 0.7 3.1 1.3 -
Q1 3.1 0.9 4.8 3.7 -13.9 6.9 r -12.6 2.0 5.1 -17.3
Q2 1.3 -0.6 3.9 3.7 -8.5 12.5 -12.7 2.3 3.1 -
Q3 3.1 1.9 4.1 1.7 -3.6 7.4 -7.7 2.8 2.1 -
Q4 3.7 p 5.9 2.1 4.2 2.1 7.1 0.7 3.1 1.3 -
2024 Q1 5.3 p 8.0 7.9 2.7 5.7 7.3 3.2 c 5.4 1.1 -
B. Broad Money 10 2020 9.6 4.0 12.5 10.2 12.8 12.4 9.8 8.4 10.1 13.6
(Growth rate in percent) 2021 7.9 6.4 14.0 4.8 2.3 11.4 12.9 8.0 9.0 9.7
2022 6.9 4.3 8.4 3.9 2.0 8.7 4.0 7.1 11.8 5.7
2023 6.3 p 6.0 3.5 2.0 4.6 11.0 3.9 5.3 9.7 -
Q1 6.5 4.0 6.2 2.7 2.6 9.0 3.4 6.6 12.7 2.7
Q2 6.4 3.6 6.1 1.7 3.3 13.4 2.6 5.9 11.3 5.6
Q3 8.3 2.9 6.0 1.9 4.1 10.9 2.4 6.0 10.3 9.3
Q4 6.3 p 6.0 3.5 2.0 4.6 11.0 3.9 5.3 9.7 -
2024 Q1 5.7 p 6.2 7.2 2.5 3.1 11.1 4.4 c 6.2 8.3 -
C. Domestic Credit 10
(Growth rate in percent) 2020 4.7 5.9 3.5 7.5 2.8 8.5 9.7 6.9 12.3 12.6
2021 8.2 4.7 9.3 9.4 -12.8 8.9 12.1 8.3 9.6 12.5
2022 12.9 5.1 6.8 4.2 37.8 12.0 7.9 5.6 10.3 9.2
2023 9.3 p, r 6.6 6.8 4.2 1.4 12.4 5.1 7.1 10.5 -
Q1 12.6 4.8 4.1 4.0 21.4 13.1 5.6 5.3 11.0 5.5
Q2 10.5 4.2 6.5 4.0 6.9 15.6 3.9 5.1 10.8 5.0
Q3 10.0 6.0 9.3 3.2 -1.0 12.8 3.2 6.4 r 10.0 6.8
Q4 9.3 p, r 6.6 6.8 4.2 1.4 12.4 5.1 7.1 10.5 10.4 g
2024 Q1 10.8 p 6.7 11.2 3.5 4.1 11.8 c 6.2 7.6 10.4 b -
(As percent to GDP) * 2020 77.7 162.1 43.8 142.4 166.8 92.5 185.5 186.1 240.7 120.4
2021 77.7 155.4 43.5 150.7 120.2 84.9 194.0 185.3 232.6 128.1
2022 77.3 141.2 40.3 146.3 140.6 82.4 202.1 186.9 244.8 125.0
2023 76.5 p, r 148.0 40.4 147.8 145.5 84.7 204.8 192.8 258.4 -
Q1 74.3 141.4 37.7 146.2 139.7 84.3 202.5 192.8 253.4 126.0
Q2 74.3 143.2 38.4 145.6 144.2 85.1 204.4 191.6 256.5 126.5
Q3 74.6 144.5 39.2 144.9 144.5 83.8 205.3 192.5 257.2 126.8
Q4 76.5 p, r 148.0 40.4 147.8 145.5 84.7 204.8 192.8 258.4 -
2024 Q1 75.4 p - 40.1 - - - - 193.4 - -
                                               
48 SELECTED ECONOMIC INDICATORS                                            
  ASIAN COUNTRIES                                            
        Philippines   Malaysia   Indonesia   Thailand   Singapore   India   South Korea   Taiwan   China   Vietnam  
D.  Interest Rates
1. Time Deposit Rate 11 2020 1.2 p 2.0 5.5 0.6 0.2 2.8 0.9 0.4 1.1 4.1
2021 0.5 p 1.6 3.7 0.4 0.1 2.7 0.8 0.4 1.1 3.4
2022 1.6 p 1.9 3.2 0.5 0.4 2.7 2.4 0.7 1.1 3.8
2023 4.3 p,r 2.7 4.6 1.4 - 2.7 3.5 1.1 1.1 4.8
Q1 3.9 p 2.5 4.4 1.1 1.2 2.7 3.5 1.0 1.1 5.7
Q2 4.2 p 2.6 4.5 1.3 1.1 e 2.7 3.4 1.1 1.1 5.3
Q3 4.3 p 2.7 4.7 1.5 - 2.7 3.5 1.1 1.1 4.4
Q4 4.3 p 2.7 5.0 1.7 - 2.7 3.7 1.1 1.1 3.6
2024 Q1 4.3 p 2.7 5.4 1.7 d - 2.7 3.6 1.1 1.1 -
Q2 - - - - - - - 1.2 e - -
2.  Lending Rate 11
             (All Maturities) 2020 7.0 p 3.9 9.5 3.3 5.3 9.2 2.8 2.5 4.4 7.6
2021 6.1 p 3.4 8.9 3.1 - 8.7 2.9 2.4 4.4 7.9
2022 6.0 p 3.9 8.5 3.1 - - 4.3 2.6 4.4 8.0
2023 7.6 p 5.2 8.9 4.3 - - 5.2 3.1 4.4 9.3
Q1 7.0 p 5.1 8.9 3.8 - - 5.3 2.9 4.4 9.9
Q2 7.5 p 5.3 8.9 4.1 - - 5.1 3.1 4.4 9.8
Q3 7.8 p 5.2 9.0 4.6 - - 5.1 3.1 4.4 9.3
Q4 7.9 p 5.5 8.9 4.5 - - 5.2 3.1 4.4 8.2
2024 Q1 7.8 p 5.4 8.9 4.6 d - - 4.9 3.1 4.4 a -
Q2 - - - - - - - 3.2 e - -
3.  T-bill Rate 12
(91-day) 2020 2.0 2.0 - 0.6 - 3.6 - - - -
2021 1.1 1.8 - 0.4 - 3.4 - - - -
2022 1.9 - - 0.7 - 5.2 - - - -
2023 5.4 - - 1.8 - 6.8 - - - -
Q1 4.3 - - 1.3 - 6.7 - - - -
Q2 5.7 - - 1.7 - 6.8 - - - -
Q3 5.7 - - 1.9 - 6.8 - - - -
Q4 5.9 - - 2.2 - 6.9 - - - -
2024 Q1 5.5 - - 2.2 - 7.0 - - - -
Q2 5.8 e - - - - 6.9 e - - - -
                                               
48 SELECTED ECONOMIC INDICATORS                                            
  ASIAN COUNTRIES                                            
        Philippines   Malaysia   Indonesia   Thailand   Singapore   India   South Korea   Taiwan   China   Vietnam  
lV.  Fiscal Position (PHP mn) (MYR mn) (IDR bn) (THB mn) (SGD mn) (INR bn) (KRW bn) (TWD mn) (CNY bn) (VND bn)
A. Revenue 13 2020 2,855,959 225,076 1,633,595 2,728,888 62,127 16,964 446,628 3,036,132 14,766 1,323,100
2021 3,005,539 233,752 2,003,059 2,874,311 83,117 23,316 537,619 3,321,122 16,073 1,365,530
2022 3,545,505 301,801 2,626,423 3,059,143 89,180 22,727 588,332 3,690,710 15,750 1,614,059
2023 3,824,105 314,958 2,774,299 3,248,841 r 101,502 27,025 543,586 - 17,114 1,620,758
Q1 818,685 76,196 647,155 676,329 24,236 6,306 139,429 - 1,670 491,510
Q2 1,041,449 72,210 760,752 927,178 29,111 5,993 142,886 - 5,686 384,360
Q3 977,690 77,855 627,711 912,087 27,968 8,180 133,263 - 4,751 347,890
Q4 986,281 88,698 738,681 733,247 r 20,187 6,547 128,008 - 5,007 396,998
2024 Q1 933,740 p 69,977 620,015 696,600 26,174 1,740 d 92,482 d - 1,629 539,540
(As percent to GDP) * 2020 15.9 15.9 10.6 17.4 12.9 8.8 23.0 15.2 14.6 16.4
2021 15.5 15.1 11.8 17.8 14.3 10.2 25.8 15.3 14.0 16.1
2022 16.1 16.8 13.4 17.6 13.0 8.6 27.3 16.3 13.1 16.9
2023 15.7 17.3 13.3 18.1 15.1 9.4 24.3 - 13.6 15.9
Q1 14.6 17.2 12.8 15.0 15.0 8.9 26.6 - 5.9 21.5
Q2 17.7 16.4 14.6 21.4 17.4 8.5 25.9 - 18.4 15.6
Q3 17.0 16.8 11.9 20.5 16.6 11.5 23.3 - 14.8 13.6
Q4 14.0 18.6 13.9 15.8 11.4 8.7 21.7 - 14.4 13.6
2024 Q1 15.3 p - 11.7 - - - - - 5.5 21.6
 B. Expenditure 13 2020 4,227,406 312,802 2,589,890 3,558,892 68,660 28,574 517,781 3,241,989 21,324 1,686,210
2021 4,675,639 334,976 2,786,763 4,015,377 75,193 37,507 568,113 3,360,265 21,059 1,709,200
2022 5,159,640 375,567 3,090,754 3,484,923 79,576 40,908 652,902 3,652,289 22,238 2,035,380
2023 5,336,191 406,351 3,121,943 3,467,175 r 88,133 44,250 580,354 - 23,368 2,035,930
Q1 1,089,570 93,061 518,657 839,053 32,917 13,708 180,854 - 2,702 363,370
Q2 1,322,280 95,129 737,000 818,046 14,487 10,507 156,905 - 6,598 441,194
Q3 1,409,448 89,341 712,269 779,121 20,062 10,685 108,973 - 6,400 434,816
Q4 1,514,893 128,820 1,154,017 1,030,955 r 20,666 9,351 133,622 - 7,668 796,550
2024 Q1 1,206,384 p 96,352 611,941 715,457 - 6,931 d 122,383 d - 2,623 393,495
(As percent to GDP) * 2020 23.5 22.1 16.8 22.7 14.2 14.8 26.7 16.3 21.0 21.0
2021 24.1 21.6 16.4 24.8 12.9 16.4 27.3 15.5 18.3 20.1
2022 23.4 21.0 15.8 20.1 11.6 15.5 30.3 16.1 18.5 21.3
2023 21.9 22.3 14.9 19.3 13.1 15.4 26.0 - 18.5 19.9
Q1 19.4 21.0 10.2 18.6 20.4 19.2 34.5 - 9.5 15.9
Q2 22.5 21.7 14.1 18.9 8.7 14.9 28.4 - 21.4 18.0
Q3 24.5 19.3 13.5 17.5 11.9 15.1 19.0 - 20.0 17.0
Q4 21.5 27.0 21.8 22.3 11.7 12.4 22.7 - 22.0 27.3
2024 Q1 19.7 p - 11.6 - - - - - 8.9 15.8
                                               
48 SELECTED ECONOMIC INDICATORS                                            
  ASIAN COUNTRIES                                            
        Philippines   Malaysia   Indonesia   Thailand   Singapore   India   South Korea   Taiwan   China   Vietnam  
C. Overall Surplus/Deficit 13 2020 -1,371,447 -87,723 -956,295 -830,003 -6,533 -11,609 -71,153 -205,857 -6,558 -363,110
2021 -1,670,100 -101,224 -783,704 -1,141,066 7,924 -14,192 -30,494 -39,143 -4,986 -343,670
2022 -1,614,135 -73,765 -464,330 -425,780 9,604 -18,181 -64,570 38,421 -6,488 -421,321
2023 -1,512,086 -91,392 -347,643 -218,333 r 13,370 -17,224 -36,768 - -6,253 -415,172
Q1 -270,885 -16,865 128,498 -162,724 -8,681 -7,402 -41,425 - -1,032 128,140
Q2 -280,831 -22,920 23,753 109,133 14,624 -4,514 -14,019 - -912 -56,834
Q3 -431,758 -11,485 -84,558 132,966 7,906 -2,505 24,290 - -1,649 -86,926
Q4 -528,612 -40,122 -415,336 -297,708 r -479 -2,804 -5,614 - -2,661 -399,552
2024 Q1 -272,644 p -26,375 8,074 -18,857 - -5,191 d -29,901 d -994 146,045
(As percent to GDP) * 2020 -7.6 -6.2 -6.2 -5.3 -1.4 -6.0 -3.7 -1.0 -6.5 -4.5
2021 -8.6 -6.5 -4.6 -7.0 1.4 -6.2 -1.5 -0.2 -4.3 -4.0
2022 -7.3 -4.1 -2.4 -2.5 1.4 -6.9 -3.0 0.2 -5.4 -4.4
2023 -6.2 -5.0 -1.7 -1.2 2.0 -6.0 -1.6 - -5.0 -4.1
Q1 -4.8 -3.8 2.5 -3.6 -5.4 -10.4 -7.9 - -3.6 5.6
Q2 -4.8 -5.2 0.5 2.5 8.7 -6.4 -2.5 - -3.0 -2.3
Q3 -7.5 -2.5 -1.6 3.0 4.7 -3.5 4.2 - -5.2 -3.4
Q4 -7.5 -8.4 -7.8 -6.4 -0.3 -3.7 -1.0 - -7.6 -13.7
2024 Q1 -4.5 p - 0.2 - - - - - -3.4 5.8
   
                                           
a January
b end-January
c end-February
d January-February
e April
f End-April
g End-November
1 Philippines - based on the revised and rebased to 2018 National Accounts of the Philippines
For China, the 2017-2020 figures were computed using GDP values based on 2015 prices while the 2022 figures were computed using GDP values based on 2020 prices.
2 Philippines - Inflation figures are computed from the 2018-based CPI series.
For Indonesia, the inflation rate starting from 2024 is based on the 2022 CPI series. Prior to 2024, it is based on the 2018 CPI series.
3 Philippines - The Labor Force Survey (LFS) was originally conducted on a quarterly basis (i.e., January, April, July and October), with a sample size of approximately 44,000 households. From April 2016 to October 2019, the LFS adopted the population projections based on the 2010 Census of Population and Housing (CPH) and 2013 Master Sample (MS) Design. Beginning January 2020, the LFS results, including the final 2019 LFS, have been estimated using the 2015 Population Census (POPCEN) and 2013 MS.
4 Based on the International Merchandise Trade Statistics of the Philippine Statistics Authority
5 Data originally published in domestic currency were converted to US dollars using average exchange rates for the period. As a result, quarterly USD-equivalent data do not sum up to annual USD-equivalent data.
6 Net FDI flows refer to non-resident placements less non-resident withdrawals of equity, reinvestment of earnings and other capital.
7 Net FPI flows refer to non-resident placements less non-resident withdrawals of equity securities and debt securities.
8 Philippine data were revised to reflect new treatment of Hybrid Tier 1 accounts beginning March 2006.
9 Import cover refers to number of months of average imports of goods
10 For the Philippines, data are based on the Depository Corporations Survey (DCS). The DCS is a consolidation of the balance sheets of the central bank and Other Depository Corporations (ODCs), consisting of universal and commercial banks (U/KBs), thrift banks (TBs), rural and cooperative banks (R/CBs), non-stock savings and loan associations (NSSLAs) and non-banks with quasi-banking functions (NBQBs).
11 Starting 1 January 2020, universal and commercial banks (UK/Bs), are required to submit the amended reporting templates on banks’ lending and deposit rates or Interest Rates on Loans and Deposits (IRLD) in accordance with Circular Nos. 1029 and 1037, series of 2019.  Data beginning January 2020 are preliminary estimates as of 10 May 2024 given the ongoing refinements of the IRLD reporting system.  Bank submissions with interest rates of 100% and above were excluded per account code from the computation per the Department of Supervisory Analytics (DSA) and Supervisory Policy and Research Department’s (SPRD) definition of outliers.  Moreover, WAIR on Philippine Peso-denominated savings deposit refer to the interest rate based on reporting UK/Bs’ interest expense and outstanding peso-denominated deposits.  There is a break in the series beginning August 20222 given data updates.  The series will be linked once data prior to August 2022 become available. 
12 Quarterly treasury bill (T-bill) rates were computed based on the auction date by BSP staff. 
13 Based on calendar year.
* BSP staff estimates
- Not available
. Rounds off to zero
p Preliminary
r Revised
  Sources of data:    
For Philippines: Other countries:
Bangko Sentral ng Pilipinas National websites
Bureau of the Treasury CEIC Data Limited                       
Philippine Statistics Authority International Financial Statistics
Updated as of:   10 May 2024 (Philippines)
                               9 May 2024 (All countries exc. Philippines)