ASEAN: Real GDP Growth Q4 2019

ASEAN’s major economies continued to report relatively weak GDP growth in Q4 2019. Among the largest six countries in the association, Vietnam posted the strongest growth rate at a level of 6.97% y/y, but decelerated compared to Q3 2019.

Similarly, growth rates in Indonesia, Malaysia and Thailand, slowed down to 4.97% y/y, 3.59% y/y and 1.55% y/y, respectively, compared to Q3. On the other hand, both the Philippines and Singapore gained a modest momentum with growth rates of 6.43% y/y and 0.8% y/y, respectively.

In 2019, growth in the six largest economies in ASEAN slowed down compared to 2018, In particular, Singapore’s and Thailand’s economies grew by 0.73% and 2.37%, significantly decelerating from 3.44% and 4.15% in 2018, mainly due to the underperforming external trade.

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