Economy and Investment

ASEAN GDP Grows by 4.6%

by Duangkamol Buranasomphop

ASEAN GDP Grows by 4.6%

The latest data from ASEAN Statistics revealed that ASEAN economies remained resilient in 2014 amidst uncertainty in the global economic environment. The real Gross Domestic Product (GDP) grew by 4.6 percent to reach US$ 2.57 trillion. The sustained growth in GDP led to an increase in the GDP per capita from US$ 3,908 in 2013 to US$ 4,130 in 2014. The services sector continued to be the biggest contributor to growth at 50.1 percent of the region’s total GDP in 2014.

In the case of ASEAN6 (Brunei Darussalam, Indonesia, Malaysia, Philippines, Singapore and Thailand), all countries except Malaysia have experienced a slowdown in their growth, leading to a decrease in the averaged GDP growth from 5.1 percent in 2013 to 4.3 percent in 2014. In contrast, the real GDP growth of CLMV countries (Cambodia, Lao PDR, Myanmar, and Viet Nam) advanced by 6.6 percent in 2014, higher by 0.4 percentage point compared to the 2013 level.

In terms of Purchasing Power Parity (PPP) on the one hand, ASEAN’s GDP reached PPP$ 6.64 trillion in 2014, constituting 6.1 percent of World GDP in PPP. On the other hand, ASEAN’s GDP per capita stood at PPP$ 10,677 which is equivalent to approximately two-thirds of the World GDP per capita of PPP$ 15,189.

As one of the fastest growing regions in the world, the share of ASEAN GDP in the world has increased from 3.18% in 2013 to 3.33% in 2014. The size of the ASEAN GDP in 2014 stood at approximately 15% of the US economy, compared to only 7% in 2004.



Duangkamol Buranasomphop

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