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 2019 6.1 4.4 5.0 2.1 1.3 4.6 2.2 3.1 6.0 7.4
(in percent) 2020 -9.5 -5.5 -2.1 -6.1 -3.9 -6.0 -0.7 3.4 2.2 2.9
2021 5.7 3.3 r 3.7 1.6 r 9.7 r 9.5 r 4.3 6.6 8.4 2.6
2022 7.6 8.7 r 5.3 2.5 r 3.8 r 6.4 r 2.6 2.6 3.0 8.1
Q1 8.0 4.8 r 5.0 1.9 r 4.2 r 4.0 3.1 3.8 4.8 5.1
Q2 7.5 8.8 r 5.5 2.4 r 4.6 r 12.8 r 2.9 3.5 0.4 8.0
Q3 7.7 14.1 r 5.7 4.4 r 4.2 r 5.5 r 3.2 4.0 3.9 13.9
Q4 7.1 7.1 r 5.0 1.3 r 2.4 r 4.3 r 1.4 -0.7 2.9 6.0
2023 5.6 3.7 5.0 1.9 1.1 7.7 1.4 1.3 r 5.2 5.0
Q1 6.4 5.6 r 5.0 2.6 0.5 6.1 0.9 -3.5 4.5 3.4
Q2 4.3 2.9 r 5.2 1.8 0.5 8.2 r 0.9 1.4 6.3 4.2
Q3 6.0 3.3 r 4.9 1.4 r 1.0 r 8.1 r 1.4 2.1 r 4.8 5.5
Q4 5.6 3.0 5.0 1.7 2.2 8.4 2.2 4.9 r 5.2 6.7
B. Nominal GDP Growth Rate 1
(in percent) 2019 6.9 4.5 6.7 3.2 1.1 5.7 1.4 2.9 7.3 10.0
2020 -8.0 -6.2 r -2.5 -7.3 -6.2 r -2.7 0.8 5.3 2.7 4.4
2021 8.1 9.2 r 9.9 3.4 r 20.9 r 18.8 r 7.2 8.8 13.4 5.5
2022 13.5 15.7 15.4 7.3 r 17.8 r 15.3 r 3.6 4.7 4.8 12.5
Q1 12.7 13.7 r 13.5 6.1 r 20.9 r 13.0 5.6 7.0 8.5 8.9
Q2 13.2 18.7 r 17.2 7.6 r 24.5 r 25.5 r 4.6 5.3 3.4 12.5
Q3 14.0 20.8 r 17.1 10.5 r 17.5 r 15.0 r 2.8 5.9 5.7 18.2
Q4 13.9 10.1 r 13.7 5.5 9.4 r 9.4 r 1.8 0.8 2.5 10.7
2023 10.3 1.7 6.7 3.1 -2.0 9.6 3.7 3.8 r 4.6 7.0
Q1 13.7 5.2 12.5 5.3 r -2.0 r 10.4 2.3 -3.2 5.2 6.4
Q2 9.1 -1.2 r 6.6 2.8 -5.8 r 8.5 r 2.0 3.4 5.4 5.9
Q3 9.6 1.3 r 4.5 2.3 r -2.8 r 9.6 r 4.8 6.3 r 3.9 7.0
Q4 9.3 1.9 3.7 2.1 2.6 10.1 5.8 8.7 r 4.2 8.6
C. Inflation Rate 2
(in percent) 2019 2.4 0.7 3.0 0.7 0.6 3.7 0.4 -3.6 2.9 2.8
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
Q1 3.4 2.2 2.3 4.7 4.6 6.3 3.9 2.8 1.1 1.9
Q2 5.5 2.8 3.8 6.5 5.9 7.3 5.4 3.5 2.2 3.0
Q3 6.5 4.5 5.2 7.3 7.3 7.0 5.8 2.9 2.7 3.3
Q4 7.9 3.9 5.5 5.8 6.6 6.1 5.2 2.6 1.8 4.4
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 3.1 d 1.5 a 2.7 d -0.9 d 2.9 a 5.1 a 3.0 d 2.4 d -0.8 a 3.7 d
D. Unemployment Rate 3
(in percent) 2019 5.1 3.3 5.1 1.0 2.3 5.8 3.8 3.7 3.6 2.2
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 3.8 5.8 - 2.1 4.1 2.9 3.7 - 2.3
Q1 6.4 4.1 5.8 - 2.0 - 3.0 3.6 - 2.5
Q2 5.7 3.9 - - 2.6 - 2.9 3.7 - 2.3
Q3 5.2 3.7 5.9 - 2.0 - 2.8 3.7 - 2.3
Q4 4.5 3.6 - 1.2 1.8 - 2.8 r 3.6 - 2.3
2023 - 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 r - 1.1 2.4 - 2.6 3.5 - 2.3
Q3 4.8 p 3.4 r 5.3 - 1.9 - 2.6 3.5 - 2.3
Q4 4.2 p 3.3 - - 1.8 - 2.8 r 3.4 - 2.3
2024 Q1 4.5 p - - - - - 3.2 a 3.3 a - -
                                               
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 2019 70,927 240,212 167,683 246,269 390,353 324,196 542,233 329,157 2,498,570 264,268
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 r 683,585 479,415 3,604,507 371,715
Q1 19,636 82,267 66,144 73,607 125,696 116,961 173,398 120,928 820,787 89,987
Q2 19,265 90,581 74,982 75,585 133,819 120,981   177,114 125,685 913,129 97,185
Q3 19,951 93,583 78,203 72,239 135,942 110,744   174,024 121,043 970,640 95,817
Q4 20,722 85,862 72,650 65,994 119,412 104,573 r 159,049 111,759 899,951 88,726
2023 73,527 p,r 312,590 r 258,797 r 284,562 475,422 431,772 r 632,226 r 432,432 r 3,422,171 353,782
Q1 17,153 p 80,760 67,061 71,164 119,231 114,772 r 151,216 r 97,714 r 821,891 79,550
Q2 18,146 p 77,029 61,592 71,648 114,338 103,944 155,783 r 104,357 r 864,224 85,880
Q3 19,717 p 76,958 63,607 71,899 118,771 107,362 157,103 r 114,882 r 865,677 93,511
Q4 18,512 p,r 77,955 r 66,537 r 69,850 123,050 105,694 r 168,124 r 115,480 r 870,380 94,840
2024 Q1 5,936 p,a 26,143 a 20,524 a 22,650 a 43,297 a 36,920 a 54,700 a 68,624 d - 59,351 d
(Growth rate in percent) ** 2019 2.3 -3.4 -6.8 -2.6 -5.2 -0.2 -10.4 -1.5 -0.1 8.4
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
Q1 11.0 18.3 35.3 14.8 17.0 29.3 18.4 23.5 15.6 14.6
Q2 5.2 23.3 38.9 10.8 20.8 26.6   13.0 15.4 12.8 21.5
Q3 1.2 29.4 27.3 6.7 19.5 7.8   5.8 3.3 10.0 16.4
Q4 9.2 2.2 8.1 -8.2 -4.4 -2.1   -10.0 -8.7 -6.9 -6.9
2023 -7.6 p -11.3 -11.4 -1.0 -7.7 -4.7   -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 -5.8 p -15.0 -17.9 -5.2 -14.6 -14.1   -12.0 -17.0 -5.4 -11.6
Q3 -1.2 p -17.8 -18.7 -0.5 -12.6 -3.1 -9.7 -5.1 -10.8 -2.4
Q4 -10.7 p -9.2 -8.4 5.8 3.0 1.1 r 5.7 r 3.3 -3.3 6.9
2024 Q1 9.1 p,a 0.5 a -8.1 a 10.0 a 15.9 a 3.1 a 18.0 a 9.7 d - 19.3 d
2. Imports 5 2019 111,593 205,049 170,727 236,260 358,977 485,921 503,343 285,651 2,068,950 253,393
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 r 731,370 428,083 2,715,538 359,575
Q1 32,513 66,757 56,812 73,203 113,194 171,556 177,900 105,494 657,451 88,197
Q2 35,864 77,241 59,371 79,650 125,908 183,537   183,531 114,292 685,314 97,820
Q3 36,682 79,207 63,304 80,021 125,423 189,023   192,300 108,064 705,236 90,071
Q4 32,162 71,015 57,961 68,155 110,743 176,081 r 177,638 100,233 667,537 83,488
2023 126,157 p,r 265,654 r 221,886 289,754 422,485 674,042 r 642,572 r 351,441 r 2,563,585 325,776
Q1 31,613 p 66,096 54,950 72,700 104,106 167,332 r 174,044 r 88,748 r 616,815 74,620
Q2 31,311 p 65,126 53,778 73,521 102,496 160,002 159,247 r 86,540 r 637,604 77,848
Q3 31,511 p 64,228 55,792 71,424 107,281 170,529 r 150,720 r 87,444 r 639,050 84,806
Q4 31,722 p,r 70,103 r 57,366 72,109 108,558 176,180 r 158,561 r 88,708 r 670,116 88,502
2024 Q1 10,157 p, a 23,981 a 18,509 a 25,408 a 36,907 a 54,410 a 54,372 a 58,242 d - 54,618 d
(Growth rate in percent) ** 2019 -1.1 -6.0 -9.5 -4.8 -3.2 -5.4 -6.0 0.3 -3.0 7.0
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
Q1 24.9 21.3 31.0 16.3 21.2 30.3   30.2 25.8 10.9 15.9
Q2 28.5 29.1 24.6 21.5 27.3 44.5   23.0 24.6 2.4 16.0
Q3 20.9 37.1 31.4 18.9 24.0 28.1   22.6 6.5 0.6 7.4
Q4 -1.4 8.4 1.7 -4.1 -1.7 5.4   3.1 -4.4 -6.7 -5.7
2023 -8.1 p,r -9.8 -6.6 -3.7 -11.1 -6.4 r -12.1 -17.9 r -5.6 -9.4
Q1 -2.8 p -1.0 -3.3 -0.7 -8.0 -2.5   -2.2 -15.9 r -6.2 -15.4
Q2 -12.7 p -15.7 -9.4 -7.7 -18.6 -12.8   -13.2 -24.3 r -7.0 -20.4
Q3 -14.1 p -18.9 -11.9 -10.7 -14.5 -9.8 r -21.6 -19.1 -9.4 -5.8
Q4 -1.4 p,r -1.3 -1.0 5.8 -2.0 0.1 -10.7 -11.5 r 0.4 6.0
2024 Q1 -7.6 p, a 9.8 a 0.4 a 2.6 a 10.3 a 3.0 a -7.9 a 0.7 d - 18.0 d
                                               
48 SELECTED ECONOMIC INDICATORS                                            
  ASIAN COUNTRIES                                            
        Philippines   Malaysia   Indonesia   Thailand   Singapore   India   South Korea   Taiwan   China   Vietnam  
3. Trade Balance 5 2019 -40,666 35,163 -3,044 10,009 31,375 -161,726 38,890 43,506 429,620 10,874
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 r -47,785 51,333 888,969 12,140
Q1 -12,877 15,510 9,332 404 12,501 -54,595   -4,502 15,435 163,336 1,790
Q2 -16,599 13,340 15,612 -4,065 7,911 -62,556   -6,417 11,393 227,815 -635
Q3 -16,730 14,376 14,899 -7,782 10,519 -78,278   -18,276 12,978 265,404 5,747
Q4 -11,440 14,847 14,690 -2,162 8,669 -71,507 r -18,589 11,526 232,415 5,238
2023 -52,629 p,r 47,148 r 36,911 r -5,192 52,937 -242,271 r -10,346 r 80,992 r 858,586 28,006
Q1 -14,460 p 14,665 12,111 -1,536 15,125 -52,561 r -22,827 r 8,966 r 205,076 4,930
Q2 -13,165 p 11,902 7,815 -1,873 11,843 -56,058 -3,464 r 17,817 r 226,620 8,032
Q3 -11,794 p 12,729 7,815 475 11,490 -63,166 r 6,382 r 27,437 226,626 8,705
Q4 -13,210 p,r 7,852 r 9,171 r -2,259 14,492 -70,486 r 9,563 r 26,772 r 200,264 6,338
2024 Q1 -4,221 p,a 2,162 a 2,015 a -2,758 a 6,390 a -17,490 a 328 a 126,866 d - 4,732 d
(As percent to GDP) * 2019 -10.8 9.6 -0.3 1.8 8.3 -5.8 2.4 7.1 3.0 3.3
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 r -5.8 1.6 8.3 3.9 0.9
2022 -14.3 14.3 4.1 -2.7 7.9 r -8.0 r -2.9 6.7 5.0 3.0
Q1 -13.5 15.4 3.0 0.3 10.3 r -6.3 -1.1 7.6 3.8 1.9
Q2 -16.2 13.1 4.6 -3.1 6.1 r -7.4 -1.5 6.1 5.1 -0.6
Q3 -18.0 14.1 4.4 -6.5 8.5 r -9.7 r -4.5 6.9 5.9 5.6
Q4 -10.2 14.5 4.5 -1.7 7.0 r -8.6 r -4.5 6.3 5.0 4.6
2023 -12.1 p,r 11.8 2.7 -1.0 10.6 -6.9 -0.6 10.7 4.8 6.5
Q1 -14.2 p 14.5 3.6 -1.2 12.5 r -6.0 -5.6 5.0 r 4.9 5.1
Q2 -12.4 p 12.3 2.2 -1.5 9.5 r -6.5 -0.8 9.6 r 5.2 7.7
Q3 -11.5 p 12.7 2.2 0.4 9.2 r -7.4 r 1.5 14.3 5.1 8.1
Q4 -10.5 p,r 7.7 2.7 -1.7 11.1 -7.8 2.1 13.6 r 4.2 5.2
B. Current Account 
1. Current Account Balance 5 2019 -3,047 12,774 -30,279 38,256 60,457 r -29,763 59,676 65,710 102,910 12,168
(in million US dollars) 2020 11,578 14,058 -4,433 20,933 57,955 r 32,730 75,902 97,560 r 248,836 15,060
2021 -5,943 14,168 3,511 -10,269 86,134 r -33,422 85,228 118,298 r 352,886 -7,754
2022 -18,261 r 11,144 13,215 r -15,742 89,700 r -79,051 25,829 100,926 r 401,855 -1,074
Q1 -4,093 r 711 724 r -2,070 23,240 r -13,404 13,966 31,479 r 85,330 -1,677
Q2 -7,861 r 1,015 4,283 r -7,111 25,105 r -17,945 10,507 24,277 r 73,773 -4,963
Q3 -6,257 r 3,153 4,709 r -7,305 23,354 r -30,885 -390 22,075 r 139,636 1,661
Q4 -50 r 6,010 3,499 r 743 18,037 r -16,817 1,746 23,095 r 103,116 3,905
2023 -11,206 p 4,995 -1,567 6,572 99,124 - 35,488 105,329 264,238 -
Q1 -4,439 p,r 975 3,009 r 3,496 24,003 r -1,336 -5,960 19,446 r 81,530 4,270
Q2 -3,972 p,r 2,013 -2,247 r -1,053 24,456 r -9,184 7,106 22,358 r 64,728 7,860
Q3 -2,276 p,r 1,974 -1,039 r 2,601 25,161 r -8,300 15,599 28,686 r 62,781 9,673
Q4 -520 p 54 -1,290 1,528 25,491 - 18,743 34,839 55,200 -
2024 Q1 - - - - - - 3,046 a - - -
(As percent to GDP) * 2019 -0.8 3.5 -2.7 7.0 16.0 r -1.1 3.6 10.7 0.7 3.6
2020 3.2 4.2 -0.4 4.2 16.6 r 1.3 4.6 14.5 r 1.7 4.3
2021 -1.5 3.8 0.3 -2.0 19.8 r -1.1 4.7 15.3 2.0 -2.1
2022 -4.5 2.7 1.0 -3.2 18.0 r -2.4 r 1.5 13.3 2.2 -0.3
Q1 -4.3 r 0.7 0.2 -1.6 19.1 r -1.6 3.3 15.6 2.0 -1.8
Q2 -7.7 r 1.0 1.3 r -5.8 19.5 r -2.1 2.5 13.0 1.7 -4.9
Q3 -6.7 r 3.1 1.4 -6.1 18.9 r -3.8 -0.1 11.7 3.1 1.6
Q4 . 5.9 1.1 0.6 14.6 r -2.0 0.4 12.5 2.2 3.4
2023 -2.6 p 1.2 -0.1 1.3 19.8 - 2.1 13.9 1.5 -
Q1 -4.3 p,r 1.0 0.9 2.6 19.8 -0.2 -1.5 10.8 r 2.0 4.4
Q2 -3.8 p 2.1 -0.6 -0.8 19.6 r -1.1 1.7 12.1 r 1.5 7.6
Q3 -2.2 p,r 2.0 -0.3 r 2.1 20.2 r -1.0 3.6 14.9 r 1.4 9.0
Q4 -0.4 p 0.1 -0.4 1.2 19.5 - 4.2 17.6 1.1 -
                                               
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 2019 8,671 9,103 24,994 5,519 105,888 r 50,611 9,634 8,240 187,170 16,120
(in million US dollars) 2020 6,822 4,025 19,175 -4,947 80,731 r 64,362 8,765 6,053 253,096 15,800
2021 11,983 18,672 21,213 15,159 137,265 r 44,727 22,060 5,416 344,075 15,660
2022 9,492 r 15,007 24,702 r 11,232 148,761 r 49,940 25,045 10,158 180,167 17,900
Q1 2,613 r 2,789 5,935 r 6,450 37,178 r 17,253 7,034 3,293 101,265 3,520
Q2 2,190 r 4,511 7,963 r 480 34,226 r 16,263 3,845 3,643 38,056 4,510
Q3 2,152 r 4,445 5,589 r 2,080 31,858 r 9,097 7,887 1,063 13,107 4,250
Q4 2,537 r 3,232 5,216 r 2,221 45,512 r 7,327 6,279 2,159 27,738 5,620
2023 8,864 p 8,248 21,701 - 175,235 - 15,178 5,700 - -
Q1 2,090 p, r 3,062 6,207 r 2,795 41,826 r 9,319 3,955 2,181 20,508 3,450
Q2 1,927 p, r 1,085 5,555 r 218 44,226 r 7,352 2,985 2,001 r 6,745 4,550
Q3 2,296 p, r 1,554 5,081 r 1,425 33,051 r 3,076 3,092 582 r -11,753 4,670
Q4 2,552 p 2,569 4,858 - 56,108 - 5,147 936 - -
2024 Q1 - - - - - - 223 a - - -
(Growth rate in percent) ** 2019 -12.8 9.5 32.2 -59.9 29.1 r 20.2 -20.9 15.8 -20.5 4.0
2020 -21.3 -55.8 -23.3 -189.6 -23.8 r 27.2 -9.0 -26.5 35.2 -2.0
2021 75.7 363.9 10.6 406.4 70.0 r -30.5 151.7 -10.5 35.9 -0.9
2022 -20.8 r -19.6 16.4 r -25.9 8.4 r 11.7 13.5 87.6 -47.6 14.3
Q1 10.2 r 15.4 9.0 r 7.6 2.2 r 200.0 120.5 184.4 6.3 7.3
Q2 11.6 r 12.5 28.6 r -72.8 -12.2 r -5.7 -53.9 428.0 -51.7 9.5
Q3 -26.2 r -19.9 21.3 r -37.2 -2.0 r -29.5 113.1 -50.9 -83.0 34.9
Q4 -46.4 r -51.2 5.0 r -45.6 54.1 r -17.1 -8.0 53.9 -70.2 10.0
2023 -6.6 p -45.0 -12.1 - 17.8 - -39.4 -43.9 - -
Q1 -20.0 p, r 9.8 4.6 r -56.7 12.5 r -46.0 -43.8 -33.8 -79.7 -2.0
Q2 -12.0 p, r -75.9 -30.2 r -54.7 29.2 r -54.8 -22.4 -45.1 r -82.3 0.9
Q3 6.7 p, r -65.1 -9.1 r -31.5 3.7 r -66.2 -60.8 -45.2 r -189.7 9.9
Q4 0.6 p -20.5 -6.9 - 23.3 - -18.0 -56.6 - -
2024 Q1 - - - - - - -70.7 a - - -
2. Net Foreign Portfolio Investments Flows 5, 7
(in million US dollars) 2019 4,876 3,504 21,581 -946 6,157 r 26,764 17,262 8,476 147,366 2,995
2020 8,246 2,643 4,567 -7,890 -3,641 r 15,793 17,162 -22,881 246,775 -1,260
2021 -2,428 13,175 6,863 4,865 10,069 r 8,408 59,090 -21,155 176,628 271
2022 1,402 r -4,568 -6,585 8,197 26,144 r -17,529 19,778 -45,714 -107,920 1,510
Q1 1,001 r 1,134 -1,805 3,940 120 r -14,289 11,215 -14,819 -38,502 -305
Q2 -926 r -2,536 -2,314 830 5,783 r -14,659 -758 -13,052 -34,746 950
Q3 -558 r -474 -1,497 -411 7,275 r 6,901 7,360 -20,208 -36,679 -269
Q4 1,885 -2,556 -969 3,838 12,790 r 4,517 1,961 2,365 2,007 1,134
2023 582 p 1,432 5,161 - 4,255 - 37,923 7,342 - -
Q1 1,047 p -3,863 4,292 r -2,824 -10,731 r -1,588 4,914 8,448 -18,217 266
Q2 -727 p 4,036 -1,814 r -3,048 3,666 r 16,089 22,607 6,195 r 8,359 -400
Q3 -1,576 p 282 r -2,470 r -3,469 -1,429 r 5,286 2,951 -19,571 -22,632 -371
Q4 1,838 p 834 5,154 - 12,617 - 7,451 12,270 - -
2024 Q1 - - - - - - 6,522 a - - -
(Growth rate in percent) ** 2019 48.1 137.8 49.0 75.2 147.3 r 336.5 -20.1 155.9 -8.1 -0.9
2020 69.1 -24.6 -78.8 -734.3 -159.1 r -41.0 -0.6 -370.0 67.5 -142.1
2021 -129.4 398.5 50.3 161.7 376.6 r -46.8 244.3 7.5 -28.4 121.5
2022 157.8 r -134.7 -196.0 68.5 159.7 r -308.5 -66.5 -116.1 -161.1 457.2
Q1 127.8 r -67.4 -134.5 841.0 103.0 r -274.5 -31.5 -18.6 -164.3 12.6
Q2 -135.3 r -134.2 -149.7 1,201.2 -20.0 r -3,976.8 -104.6 -1,612.9 -219.6 69.9
Q3 -262.6 r -270.9 -198.5 -320.2 961.9 r 51.9 -43.6 -125.3 -241.2 -182.8
Q4 244.7 -223.2 78.7 -11.5 110.4 r 196.0 -85.1 121.9 -96.7 529.5
2023 -58.5 p 131.3 178.4 - -83.7 - 91.7 116.1 - -
Q1 4.5 p, r -440.6 337.7 -171.7 -9,068.5 r 88.9 -56.2 157.0 52.7 187.2
Q2 21.5 p, r 259.2 21.6 r -467.4 -36.6 r 209.8 3,084.1 147.5 r 124.1 -142.1
Q3 -182.3 p, r 159.4 r -65.1 r -744.2 -119.6 r -23.4 -59.9 3.2 38.3 -37.9
Q4 -2.5 p 132.6 631.7 - -1.3 - 280.0 418.8 - -
2024 Q1 - - - - - - -3.7 a - - -
                                               
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) 2019 7,843 - 4,676 13,583 -8,388 54,866 - - - 23,254
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
Q1 495 - -1,817 1,989 -34,093 -16,024 - - - -947
Q2 -3,596 - 2,389 -9,346 -53,867 4,595 - - - -4,997
Q3 -4,730 - -1,304 -8,150 -18,919 -30,379 - - - -15,600
Q4 568 - 4,730 5,275 -7,721 11,069 - - - -1,201
2023 3,672 - 6,301 2,560 60,945 - - - - -
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 - - - - -
2024 Q1 -740 a - - - - - - - - -
E. External Debt  8
Levels (in billion US dollars) 2019 83.6 231.5 403.6 172.6 1,614.5 564.0 470.7 184.7 2,070.8 122.8
2020 98.5 238.8 416.9 190.1 1,763.2 563.8 550.6 189.9 2,400.8 130.1
2021 106.4 258.7 414.0 196.2 1,822.9 613.1 630.7 213.6 2,746.6 139.5
2022 111.3 259.4 396.5 r 200.3 1,845.5 611.7 665.2 202.1 2,452.8 144.9
Q1 109.8 264.2 410.6 r 197.8 1,849.2 619.1 652.3 220.8 2,710.2 -
Q2 107.7 256.1 401.4 193.6 1,818.1 612.8 665.0 229.9 2,636.0 -
Q3 107.9 252.0 394.2 r 188.1 1,802.8 605.6 640.5 226.4 2,481.5 -
Q4 111.3 259.4 396.5 r 200.3 1,845.5 611.7 665.2 202.1 2,452.8 -
2023 125.4 270.6 407.1 - - - 663.6 206.5 - -
Q1 118.8 265.1 403.1 r 201.8 1,783.6 624.2 665.0 193.0 2,490.9 -
Q2 117.9 259.3 396.3 r 192.8 1,787.7 628.9 665.1 201.0 2,433.8 -
Q3 118.8 267.0 394.2 r 190.1 1,825.1 635.3 649.3 202.5 2,382.9 -
Q4 125.4 270.6 407.1 - - - 663.6 206.5 - -
(As percent to GDP) * 2019 22.2 62.6 36.1 31.7 423.0 r 20.3 28.5 30.2 14.5 36.7
2020 27.2 67.6 39.3 38.0 483.4 r 21.5 33.4 28.2 16.3 37.5
2021 27.0 69.7 r 34.9 38.8 422.5 r 20.0 r 34.7 27.6 15.4 38.1
2022 27.5 63.9 r 30.1 40.4 361.1 r 19.2 r 39.8 26.6 13.7 35.3
Q1 27.5 69.4 r 33.6 39.3 409.2 r 19.9 r 36.1 28.0 14.9 -
Q2 26.8 67.6 r 31.7 38.7 391.3 r 19.4 37.5 29.2 14.4 -
Q3 26.8 66.9 r 30.2 37.6 384.5 r 19.2 r 37.2 28.9 13.6 -
Q4 27.5 63.9 r 30.1 40.4 361.1 r 19.2 r 39.8 26.6 13.7 -
2023 28.7 68.2 29.7 - - - 38.8 27.3 - -
Q1 29.0 64.5 r 30.1 r 40.4 346.0 r 19.0 r 40.2 26.1 14.0 -
Q2 28.5 67.1 29.3 38.3 359.8 r 18.7 r 40.4 27.2 13.7 -
Q3 28.1 69.0 29.0 r 37.3 372.4 r 18.7 r 38.8 27.3 13.5 -
Q4 28.7 68.2 29.7 - - - 38.8 27.3 - -
                                               
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) 2019 87,840 103,613 129,183 224,327 279,450 459,863 408,816 478,126 3,107,924 78,810
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
Q1 107,309 115,600 139,129 242,430 379,666 607,309 457,810 548,770 3,187,994 108,869
Q2 100,854 109,000 136,379 222,293 314,370 589,155 438,278 548,963 3,071,272 103,854
Q3 93,000 106,100 130,782 199,445 286,067 532,664 416,767 541,107 3,028,955 88,125
Q4 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 102,671 p, c 114,300 c 144,040 c 222,435 c 357,793 b 619,963 b 415,729 c 569,422 c 3,225,817 c -
G.  Import Cover* 9
       (Equivalent in months of goods)   2019 9.4 6.1 9.1 11.4 9.2 11.4 9.7 20.1 18.0 3.7
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
Q1 10.4 5.6 8.0 10.5 10.7 11.9   8.4 16.3 13.9 3.8
Q2 9.2 4.9 7.4 9.2 8.5 10.6   7.6 15.5 13.4 3.5
Q3 8.1 4.4 6.6 7.9 7.5 9.0   6.9 15.0 13.2 2.9
Q4 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 3.4
Q2 9.1 4.8 7.2 8.9 8.9 10.3   7.2 17.7 14.6 3.7
Q3 9.3 5.0 7.3 8.9 9.6 10.5   7.5 18.6 14.6 3.7
Q4 9.9 5.1 7.9 9.3 9.8 11.1   7.8 19.5 15.2 -
2024 Q1 9.8 p, c 5.1 c 7.8 c 9.2 c 10.0 b 11.0 b 7.8 c 19.4 c 15.1 c -
H.  Exchange Rate 
Levels (local currency / US dollars) 2019 51.80 4.14 14,147.67 31.05 1.36 70.40 1,165.82 30.93 6.91 23,050.55
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 23,269.24 r
Q1 51.53 4.19 14,344.98 33.05 1.35 75.19 1,204.77 28.98 6.35 23,123.31
Q2 52.64 4.35 14,555.10 34.40 1.38 77.19 1,261.43 29.46 6.61 23,108.56
Q3 56.36 4.48 14,935.60 36.41 1.40 79.78 1,341.43 30.40 6.85 23,223.22
Q4 57.39 4.58 15,563.73 36.38 1.39 82.15 1,359.37 31.37 7.11 23,621.88 r
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 56.02 d 4.68 a 15,610.82 a 35.52 d 1.34 d 83.03 d 1,328.52 d 31.22 a 7.18 d 23,979.58 d
(Growth rate in percent) 2019 -1.6 2.7 -0.6 -3.9 1.1 2.9 5.9 2.5 4.5 2.0
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
Q1 6.7 3.2 1.2 9.2 1.5 3.1 8.1 2.1 -2.0 -0.1
Q2 9.2 5.4 1.0 9.7 3.3 4.6 12.5 5.2 2.3 -0.3
Q3 12.5 6.9 3.8 10.6 3.3 7.7 15.8 9.1 5.9 0.3
Q4 13.7 9.4 9.1 9.0 2.3 9.6 14.9 12.7 11.3 2.0
2023 2.1 3.6 2.6 -0.7 -2.6 5.1 1.1 3.7 5.2 2.3
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 r -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 2.1 d 8.2 a 2.1 a 5.7 d 0.9 d 1.0 d 5.4 d 2.5 a 5.4 d 1.5 d
                                               
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 2019 15.7 5.8 7.0 5.7 3.6 12.5 10.1 7.4 4.4 13.3
(Growth rate in percent) 2020 21.2 15.7 14.9 14.2 32.8 19.6 25.7 16.2 8.6 19.6
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
Q1 14.5 7.8 18.7 12.6 7.1 10.7 10.0 10.9 4.7 21.1
Q2 13.5 10.8 16.6 10.1 1.6 8.7 7.6 8.1 5.8 13.2
Q3 9.5 6.0 13.5 6.3 -3.6 8.5 -1.4 6.6 6.4 2.2
Q4 6.8 4.3 9.5 3.1 -10.7 7.6 -9.9 4.1 3.7 -7.6
2023 3.7 p, r 5.9 2.1 4.2 r 2.1 7.1 r 0.7 3.1 1.3 -
Q1 3.1 0.9 4.8 3.7 -13.9 6.9 -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 p 1.9 4.1 1.7 -3.6 7.4 -7.7 2.8 2.1 -
Q4 3.7 p, r 5.9 2.1 4.2 r 2.1 7.1 r 0.7 3.1 1.3 -
2024 Q1 3.6 p, b 6.4 b 4.9 b 2.2 b 6.3 b 6.7 b - 3.6 b 5.9 b -
B. Broad Money 10 2019 11.5 3.5 6.5 3.6 5.1 10.4 7.9 4.1 8.7 14.0
(Growth rate in percent) 2020 9.6 4.0 12.5 10.2 12.8 12.4 9.8 8.4 10.1 14.0
2021 7.9 6.4 14.0 4.8 2.3 11.4 12.9 8.0 9.0 9.2
2022 6.9 4.3 8.4 3.9 2.0 8.7 4.0 7.1 11.8 8.1
Q1 7.7 5.5 13.3 6.3 2.9 8.8 9.9 8.1 9.7 11.4
Q2 7.2 6.6 10.7 6.3 4.0 7.8 8.6 7.7 11.4 10.3
Q3 5.3 5.7 9.1 4.5 4.0 8.6 7.0 6.8 12.1 8.5
Q4 6.9 4.3 8.4 3.9 2.0 8.7 4.0 7.1 11.8 8.1
2023 6.2 p, r 6.0 3.5 2.0 4.6 11.1 r 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 5.5
Q2 6.4 r 3.6 6.1 1.7 3.3 13.4 2.6 5.9 11.3 8.0
Q3 8.3 p, r 2.9 6.0 1.9 4.1 11.5 2.4 6.0 10.3 11.2
Q4 6.2 p, r 6.0 3.5 2.0 4.6 11.1 r 3.9 5.3 9.7 -
2024 Q1 6.0 p, b 6.0 b 5.4 b 2.3 b 5.2 b 11.0 b - 5.4 b 8.7 b -
C. Domestic Credit 10
(Growth rate in percent) 2019 10.7 4.6 5.3 2.7 5.2 9.7 9.6 5.1 10.6 9.9
2020 4.7 5.9 3.5 7.5 2.8 8.5 9.7 6.9 12.3 14.5
2021 8.2 4.7 9.3 9.4 -12.8 8.9 12.1 8.3 9.6 12.6
2022 12.9 5.1 6.8 4.2 37.8 12.0 7.9 5.6 10.3 7.8
Q1 8.1 5.4 10.9 8.7 -3.2 8.4 11.7 8.5 10.0 15.8
Q2 9.7 6.8 8.4 7.8 11.1 9.7 11.7 6.2 11.0 14.6
Q3 11.3 4.4 5.1 6.0 40.8 11.6 11.6 5.8 11.3 11.0
Q4 12.9 5.1 6.8 4.2 37.8 12.0 7.9 5.6 10.3 7.8
2023 9.2 p, r 6.6 6.8 4.2 r 1.3 12.4 5.1 r 7.1 - -
Q1 12.6 4.8 4.1 4.0 21.4 13.1 r 5.6 5.3 11.0 6.2
Q2 10.5 r 4.2 6.5 4.0 6.9 15.6 3.9 5.1 10.8 7.0
Q3 9.9 p, r 6.0 9.3 3.2 -1.0 12.8 3.2 6.3 10.0 9.2
Q4 9.2 p, r 6.6 6.8 4.2 1.3 12.4 5.1 r 7.1 10.4 f -
2024 Q1 9.8 p, b 6.3 b 8.8 b 3.8 b 2.4 b - 6.4 b 5.6 b - -
(As percent to GDP) * 2019 68.2 143.5 41.2 122.9 152.2 83.0 170.6 183.4 220.3 114.5
2020 77.7 162.1 43.8 142.4 166.8 r 92.6 185.5 186.1 240.7 126.5
2021 77.7 155.4 r 43.5 150.7 120.2 r 84.9 r 194.0 185.3 232.6 134.6
2022 77.3 141.2 r 40.3 146.3 140.6 r 82.4 r 202.1 186.9 244.8 129.6
Q1 75.0 153.0 r 41.7 150.7 r 128.7 r 85.2 r 197.2 187.0 237.8 138.3
Q2 75.8 148.8 r 40.5 148.4 r 140.6 r 81.3 201.2 185.3 242.2 137.0
Q3 75.8 141.4 r 39.1 146.1 145.1 r 81.2 r 204.4 184.2 243.6 130.2
Q4 77.3 141.2 r 40.3 146.3 140.6 r 82.4 r 202.1 186.9 244.8 129.7
2023 76.5 p, r 148.0 40.4 147.8 145.5 84.5 204.8 192.8 r - -
Q1 74.3 141.4 r 37.7 146.2 r 139.7 r 84.1 r 202.5 192.8 253.4 132.8
Q2 74.4 r 143.2 r 38.4 145.6 r 144.2 r 84.9 r 204.4 191.6 256.5 135.4
Q3 74.7 p, r 144.5 39.2 144.9 144.5 r 83.6 r 205.3 192.5 r 257.2 135.4
Q4 76.5 p, r 148.0 40.4 147.8 145.5 84.5 204.8 192.8 r - -
                                               
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 2019 4.1 3.0 6.7 1.4 0.3 3.4 1.6 0.6 1.1 5.0
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
Q1 0.4 p 1.6 3.1 0.4 0.1 2.7 1.4 0.4 1.1 3.4
Q2 0.7 p 1.7 3.0 0.4 0.2 2.7 1.7 0.6 1.1 3.5
Q3 1.8 p 2.1 3.0 0.4 0.4 2.7 2.6 0.8 1.1 3.6
Q4 3.3 p 2.4 3.8 0.7 1.0 2.7 3.7 0.9 1.1 4.8
2023 4.2 p 2.7 4.6 1.4 - 2.7 3.5 1.1 1.1 -
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 g 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 -
2024 Q1 4.3 p, d - 5.4 a 1.7 a - 2.7 d 3.6 a 1.1 a 1.1 d -
2.  Lending Rate 11
             (All Maturities) 2019 7.1 4.9 10.4 4.1 5.3 9.5 3.4 2.6 4.4 7.7
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
Q1 5.7 p 3.3 8.6 3.0 - 8.5 3.5 2.4 4.4 7.5
Q2 5.7 p 3.5 8.5 3.0 - 8.6 3.7 2.6 4.4 7.6
Q3 6.0 p 4.1 8.4 3.1 - 8.7 h 4.5 2.7 4.4 7.9
Q4 6.5 p 4.7 8.6 3.4 - - 5.5 2.8 4.4 9.0
2023 7.6 p 5.2 8.9 4.3 - - 5.2 3.1 - -
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 e -
2024 Q1 - - 8.9 a 4.6 a - - 5.0 a 3.1 a - -
3.  T-bill Rate 12
(91-day) 2019 4.7 3.1 - 1.6 - 5.8 - - - -
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 - - - -
Q1 1.0 - - 0.5 - 3.7 - - - -
Q2 1.4 - - 0.5 - 4.7 - - - -
Q3 2.1 - - 0.7 - 5.8 - - - -
Q4 4.3 - - 1.0 - 6.4 - - - -
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 5.4 d - - 2.2 a - 7.0 d - - - -
                                               
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 2019 3,137,498 264,416 1,957,162 3,024,947 75,299 17,130 443,853 2,931,855 15,128 1,551,074
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 3,057,240 89,180 22,727 588,332 3,690,710 15,750 1,614,059
Q1 784,360 62,757 500,987 638,793 22,402 4,476 163,140 - 1,583 460,600
Q2 943,132 61,565 835,478 878,428 24,348 5,960 155,646 - 4,318 480,744
Q3 929,886 83,281 638,270 833,900 24,561 6,077 142,143 - 4,793 385,945
Q4 888,127 94,198 651,688 706,119 17,870 6,214 127,403 - 5,055 286,770
2023 3,824,105 314,958 r 2,774,299 3,229,838 r 101,502 27,025 - - 17,114 1,620,758
Q1 818,685 76,196 647,155 678,234 24,236 6,306 139,429 - 1,670 491,510
Q2 1,041,449 72,210 760,752 924,628 29,111 5,993 142,886 - 5,686 384,360
Q3 977,690 77,855 627,711 914,676 27,968 8,180 133,263 - 4,751 347,890
Q4 986,281 88,698 r 738,681 712,300 r 20,187 6,547 85,884 e - 5,007 396,998
2024 Q1 - 22,716 a 215,464 a 242,490 a 6,488 a 1,802 a - - - -
(As percent to GDP) * 2019 16.1 17.5 12.4 17.9 14.6 8.7 23.1 15.5 15.3 20.1
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 r 10.2 r 25.8 15.3 14.0 16.1
2022 16.1 16.8 r 13.4 17.6 13.0 r 8.6 27.3 16.3 13.1 16.9
Q1 15.9 14.9 11.1 14.9 13.6 r 6.9 31.9 - 5.9 21.4
Q2 17.5 13.8 r 17.1 20.8 13.7 r 9.2 r 28.8 - 14.8 20.7
Q3 17.7 18.2 r 12.6 19.2 14.2 r 9.4 r 26.0 - 15.6 16.2
Q4 13.8 20.2 12.7 15.6 10.4 r 9.1 r 22.9 - 15.1 10.7
2023 15.7 17.3 13.3 18.0 15.1 9.4 - - 13.6 15.9
Q1 14.6 17.2 12.8 15.0 15.0 r 8.8 26.6 - 5.9 21.5
Q2 17.7 16.4 14.6 21.3 17.4 r 8.5 25.9 - 18.4 15.6
Q3 17.0 16.8 11.9 20.6 16.6 r 11.5 r 23.3 - 14.8 13.6
Q4 14.0 18.6 13.9 15.4 11.4 8.7 - - 14.4 13.6
 B. Expenditure 13 2019 3,797,734 315,916 2,310,213 3,026,638 57,987 25,927 455,850 2,911,648 20,556 1,747,987
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 3,447,394 79,576 40,908 652,902 3,652,289 22,238 2,035,380
Q1 1,101,208 86,558 490,647 828,924 28,056 12,727 196,285 - 2,536 351,335
Q2 1,300,504 83,603 754,213 807,706 14,628 9,479 197,511 - 6,530 361,710
Q3 1,268,445 89,467 669,011 796,084 17,459 8,757 119,853 - 6,150 373,255
Q4 1,489,483 115,939 1,176,883 1,014,680 19,434 9,945 139,253 - 7,022 949,080
2023 5,336,191 406,351 r 3,121,943 3,540,565 r 88,133 44,250 - - 23,368 2,035,930
Q1 1,089,570 93,061 518,657 855,576 32,917 13,708 180,854 - 2,702 363,370
Q2 1,322,280 95,129 737,000 835,287 14,487 10,507 156,905 - 6,598 441,194
Q3 1,409,448 89,341 712,269 830,736 20,062 10,685 108,973 - 6,400 434,816
Q4 1,514,893 128,820 r 1,154,017 1,018,966 r 20,666 9,351 74,185 e - 7,668 796,550
2024 Q1 - 31,636 a 184,171 a 242,794 a - 3,005 a - - - -
(As percent to GDP) * 2019 19.5 20.9 14.6 17.9 11.3 13.1 23.7 15.4 20.8 22.7
2020 23.5 22.1 16.8 22.7 14.2 r 14.9 26.7 16.3 21.0 21.0
2021 24.1 21.6 r 16.4 24.8 12.9 r 16.4 r 27.3 15.5 18.3 20.1
2022 23.4 21.0 15.8 19.8 11.6 r 15.5 r 30.3 16.1 18.5 21.3
Q1 22.3 20.5 10.9 19.3 17.1 r 19.6 38.3 - 9.4 16.3
Q2 24.1 18.8 r 15.4 19.2 8.2 r 14.6 r 36.5 - 22.3 15.6
Q3 24.2 19.6 13.2 18.3 r 10.1 r 13.5 r 21.9 - 20.0 15.6
Q4 23.1 24.8 23.0 22.4 11.3 r 14.5 r 25.0 - 21.0 35.3
2023 22.0 22.3 14.9 19.8 13.1 15.3 - - 18.5 19.9
Q1 19.5 21.0 10.2 18.9 20.4 r 19.1 34.5 - 9.5 15.9
Q2 22.5 21.7 14.1 19.3 8.7 r 14.9 28.4 - 21.4 18.0
Q3 24.5 19.3 13.5 18.7 11.9 r 15.1 r 19.0 - 20.0 17.0
Q4 21.5 27.0 21.8 22.0 11.7 12.4 - - 22.0 27.3
                                               
48 SELECTED ECONOMIC INDICATORS                                            
  ASIAN COUNTRIES                                            
        Philippines   Malaysia   Indonesia   Thailand   Singapore   India   South Korea   Taiwan   China   Vietnam  
C. Overall Surplus/Deficit 13 2019 -660,236 -51,501 -353,050 -1,691 17,312 -8,797 -11,997 20,207 -5,428 -196,913
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 -390,154 9,604 -18,181 -64,570 38,421 -6,488 -421,321
Q1 -316,848 -23,801 10,341 -190,131 -5,654 -8,252 -33,145 - -953 109,265
Q2 -357,372 -22,038 81,264 70,722 9,720 -3,519 -41,865 - -2,212 119,034
Q3 -338,559 -6,186 -30,740 37,816 7,103 -2,680 22,290 - -1,357 12,690
Q4 -601,356 -21,741 -525,195 -308,561 -1,564 -3,731 -11,850 - -1,967 -662,310
2023 -1,512,086 -91,392 r -347,643 -310,728 r 13,370 -17,224 - - -6,253 -415,172
Q1 -270,885 -16,865 128,498 -177,342 -8,681 -7,402 -41,425 - -1,032 128,140
Q2 -280,831 -22,920 23,753 89,340 14,624 -4,514 -14,019 - -912 -56,834
Q3 -431,758 -11,485 -84,558 83,940 7,906 -2,505 24,290 - -1,649 -86,926
Q4 -528,612 -40,122 r -415,336 -306,666 r -479 -2,804 11,699 e - -2,661 -399,552
2024 Q1 - -8,921 a 31,294 a -304 a - -1,203 a - - - -
(As percent to GDP) * 2019 -3.4 -3.4 -2.2 . 3.4 -4.5 -0.6 0.1 -5.5 -2.6
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 r -4.6 -7.0 r 1.4 -6.2 -1.5 -0.2 -4.3 -4.0
2022 -7.3 -4.1 -2.4 -2.2 1.4 r -6.9 r -3.0 0.2 -5.4 -4.4
Q1 -6.4 -5.6 0.2 -4.4 -3.4 r -12.7 -6.5 - -3.5 5.1
Q2 -6.6 -5.0 1.7 1.7 5.5 r -5.4 -7.7 - -7.6 5.1
Q3 -6.5 -1.4 -0.6 0.9 4.1 r -4.1 4.1 - -4.4 0.5
Q4 -9.3 -4.7 -10.3 -6.8 -0.9 r -5.4 -2.1 - -5.9 -24.6
2023 -6.2 -5.0 -1.7 -1.7 2.0 -6.0 - - -5.0 -4.1
Q1 -4.8 -3.8 2.5 -3.9 -5.4 -10.3 -7.9 - -3.6 5.6
Q2 -4.8 -5.2 0.5 2.1 8.7 r -6.4 -2.5 - -3.0 -2.3
Q3 -7.5 -2.5 -1.6 1.9 4.7 r -3.5 4.2 - -5.2 -3.4
Q4 -7.5 -8.4 -7.8 -6.6 -0.3 -3.7 - - -7.6 -13.7
   
                                           
a January
b end-January
c end-February
d January-February
e October-November
f end-November
g April
h July
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 are preliminary estimates as of 13 February 2024 given the ongoing refinements of the IRLD reporting system and are for internal use only.  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:   15 March 2024 (Philippines)
                               8 March 2024 (All countries exc. Philippines)