ASEAN: Real GDP Growth Q3 2019

ASEAN’s major economies continue to report relatively weak GDP growth in Q3 2019. Among the largest six countries in the region, Vietnam registered the strongest growth rate - 7.31% y/y. The acceleration from the previous quarter is due to private consumption and solid exports. Similarly, the Philippines' economy gained 6.18% y/y, which is the highest figure this year, supported by robust domestic demand. 

However, the larger economies like Indonesia and Malaysia are losing momentum and report 5.02% y/y and 4.37% y/y GDP growth rates, respectively. Both Thailand’s and Singapore’s economies remained relatively weak in Q3 2019, growing by 2.35% y/y and 0.5% y/y, respectively, mainly due to the underperforming external trade sector.

Detailed data on ASEAN can be found in the CEIC ASEAN National Accounts.