The latest statistics revealed that ASEAN economies remained buoyant as nominal Gross Domestic Product (GDP) grew by 5.7 percent at US$ 2.31 trillion. The continued growth of the region is reflected in the improved GDP per capita at US$ 3,751 from US$ 3,591. Most recent figure showed that averaged income of ASEAN5 (Indonesia, Malaysia, Philippines, Singapore and Thailand) has increased by 5.1 percent during the first semester of this year, driven by favorable economic developments in Philippines and Thailand.
On the other hand, ASEAN’s real GDP advanced by 5.7 percent, higher by 1.0 percentage point than in 2011. ASEAN5 rate of growth has outpaced the CLMV country group at 5.8 percent and 5.3 percent, respectively.
Services sector, catalyst for economic growth
Over time, the region’s service sector has become a catalyst for economic growth, as the agriculture sector has decreased over the last seven years. Services sector contributed the highest share to GDP in all ten Member States, ranging from 35 percent to more than 60 percent of GDP. After ASEAN5’s economy has gradually shifted to the tertiary sector, the BCLMV country group is currently developing their secondary and tertiary sector.