Statistical Yearbook for Asia and the Pacific 2013 G. Economy G.1. After the onset of the global financial crisis of 2008/09, a rapid recovery was seen in the Asian and Pacific region in 2010, but this recovery decelerated in 2011 because the global economy had entered a second phase of the crisis, as major developed economies of the globe pulled back on spending due to public debt concerns coming to the fore coupled with poor growth records. The region s growth was thus curtailed as it had to contend with constrained demand for its exports from major markets in developed economies. Growth in Asia and the Pacific was further impacted by the return of high food and energy prices, as well as the effects of a host of natural disasters. There was an initial dramatic recovery from the crisis in 2010 due to fiscal stimulus and intraregional trade. been particularly high due to a recovery from the low growth in 2009 that was a result of the initial impact of the global financial crisis. Apart from the base effect, the 2011 growth slowdown also reflected the withdrawal of fiscal stimulus policies, tighter monetary policies adopted in some countries to meet the challenge of rising inflation, and in general the sluggish recovery in the developed economies of the world. The slower growth in exports, which slowed economic growth in developing economies, began to be seen during the course of 2010 and this trend continued during 2011. Figure G.1-1 Annual real GDP growth rates, Asia and the Pacific, United States of America and European Union, 2006-2011 In 2010, the region initially experienced a strong recovery from the global financial crisis of 2008/09. Economies that are more oriented towards domestic demand survived the initial part of the crisis in 2009 with only relatively small reductions in growth. More export-oriented economies, however, bore the brunt of the growth contraction in the region. This dichotomy between countries meant that the region as a whole experienced lower but still positive growth in 2009. The year 2010 saw export-oriented economies recover strongly, while domestic-demand oriented economies continued to perform robustly, contributing to the overall recovery of growth in the region. Some of the recovery of export-oriented economies was due to strong support from intraregional trade with China, buttressed by renewed growth in exports to major markets in the developed world. Investment was also a strong driver of growth in 2010, with significant fiscal stimulus policies implemented in a number of economies in the region, as well as investment in the mining sector particularly in North and Central Asia. The growth rate in developing economies in the Asian and Pacific region in 2011 was substantially lower than that in 2010, showing a decrease from 8.4 to 6.8 per cent. The 2010 growth rate had Note: The 27 member countries of the European Union: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom of Great Britain and Northern Ireland. The slowdown in growth in 2011 particularly affected the subregions where exports play a major role. The impact of the sluggish recovery in developed economies was felt in those subregions where exports are a key driver of growth. Hence, South- East Asia experienced the greatest slowdown in the growth rate, with a fall from 8.0 per cent in 2010 to 4.5 per cent in 2011. The economic growth rate of developing economies in East and North-East Asia also slowed, from 9.4 per cent in 2010 to 8.0 per cent in 2011. The subregions where domestic demand is important also displayed a reduced growth performance in 2011, Economy 215
Economy G. Economy Statistical Yearbook for Asia and the Pacific 2013 as tighter monetary policies in some countries constrained spending. Thus, the South and South-West Asian subregion saw growth decelerate from an annual rate of 8.5 per cent in 2010 to 6.5 per cent in 2011. The subregions where commodities play a significant role displayed robust growth in 2011. Hence, North and Central Asia had a fairly stable growth rate, at 4.8 per cent in 2011. Pacific island developing economies also saw relatively strong growth, at 6.3 per cent in 2011 after having grown by 4.6 per cent in 2010. Figure G.1-2 GDP growth rates, Asian and Pacific subregions, average 2008/09, 2010 and 2011 was the slowdown in investment growth in many developing economies. Investment growth declined in 2011 compared with that in the previous year for all developing economies except those in East and North-East Asia. While some of this decline was due to the base effect of particularly high investment growth in 2010, factors such as the easing of fiscal stimulus in the region and tighter monetary policies also had a role to play. Apart from the Pacific island developing economies that witnessed a decline in investment growth in 2011, the greatest proportional decline in investment growth between 2010 and 2011 was seen in South-East Asia. Figure G.1-3 Gross domestic investment growth rates, Asia and the Pacific, 2007-2011 Growth in major developing economies where domestic demand is particularly important declined less in 2011 compared with growth in a number of more open economies. Some of these major economies nevertheless experienced a slowdown in 2011 stemming in significant part from the effects of tighter monetary policies. China and India grew by 9.2 per cent and 6.9 per cent, respectively, in 2011, compared with 10.3 per cent and 9.6 per cent in 2010. The global environment also affected sales from the large export sector of China and financing from abroad for Indian enterprises. Indonesia maintained its strong growth performance, with the economy expanding by 6.5 per cent in 2011 compared with 6.2 per cent in the previous year. Growth in investment and industrial production slowed in 2011. One of the drivers of the slowdown in growth in developing economies of the region in 2011 Data on the components of production also reflect the slowdown of economic growth in the region in 2011. The growth rate of the contribution of industry to value-added declined in 2011 compared with that in 2010 in all developing economies in the region, apart from those in South-East Asia. This partly reflected the slowdown in demand from developed world economies for industrial exports from the region, as well as domestic pressure on industrial production in some countries resulting from reduced fiscal stimulus and tighter monetary policies. However, economic growth was 216
Statistical Yearbook for Asia and the Pacific 2013 G. Economy supported somewhat in nearly all subregions by increasing growth in the contribution to valueadded of the agricultural and services sectors of the economies in the region. Figure G.1-4 Value added by sector growth, Asia and the Pacific, 2011 Despite the slowdown, Asia and the Pacific remained the most dynamic region globally. Despite the deceleration in growth in 2011, Asia and the Pacific remained by far the most dynamic region in the world in terms of economic growth. As in 2010, the region was the engine of global growth, growing nearly 20 per cent faster than the next-fastest-growing developing region of the world, that is, Latin America and the Caribbean. This brought into focus the role of Asia and the Pacific as the engine for global recovery. The region serves as a source of demand for the goods and, even more so, the commodities of other regions, which has led to growth worldwide. Figure G.1-5 GDP growth rates, Asia and the Pacific and selected world regions, 2010 and 2011 Box G.1-1 Multiple shocks make growth volatile and can lead to permanent economic loss Economy Developing economies, the smaller ones in particular, are vulnerable to natural and other disasters due to structural weaknesses, among other causes. They do not often have diverse exports and they can be highly dependent on primary commodities. Developing economies can also be quite remote and have high levels of poverty. As a result, they have less capacity to absorb shocks and their economic growth is likely to be more volatile. This is evident in Samoa, which was hit by Cyclone Val in 1991 and by a tsunami in 2009, both of which caused significant losses in output (see figure below). Samoa, real GDP growth, 1983-2011 Severe shocks can also knock countries off their growth trajectories and lead to a permanent loss in output. In low-income economies, droughts, floods, storms and extreme temperature events can lead to declines in real per capita GDP of about 2 per cent. a A major disaster causes suffering and loss of life, but in a poor country it also damages the limited stock of capital goods and can lead to a long-term decline in productive capacity. As economic activity declines, fiscal revenues also shrink. The sudden and large demand for cash and foreign currency adds to the macroeconomic challenges. All this distress can easily set back the economy and, as a result, economic growth declines. If a country suffers a series of shocks there can be a cumulative effect, as illustrated by Cyclone Ami in Fiji in 2003 and the Indian Ocean tsunami in Maldives in 2004, both of which were coupled with the 2008 global financial crisis (see figure below). In addition to resulting in permanent losses in output, large shocks also affect the achievement of the Millennium Development Goals. In Pakistan, for example, the 2005 earthquake, the 2007 cyclone and the 2010 floods affected net primary school enrolment. These events damaged education facilities, reducing the quantity and quality of education. 217
Economy G. Economy Statistical Yearbook for Asia and the Pacific 2013 Persistent losses caused by shocks, Fiji and Maldives 3.50 Fiji 1.30 Maldives GDP (constant 2005 $ Billion) 3.30 3.10 2.90 2.70 2.50 2003: tropical cyclone Actual GDP Pre-crisis trend 1997: Asian crisis 2008: global financial crisis 1999 2001 2003 2005 2007 2009 GDP (constant 2005 $ Billion) 1.15 1.00 0.85 0.70 0.55 Actual GDP Pre-crisis trend 2004: Indian Ocean tsunami 2008: global financial crisis 1997: Asian crisis 2000 2002 2004 2006 2008 2010 Source: ESCAP, based on data from United Nations Statistics Division. Note: For more details, see Luc Laeven and Fabian Valencia, Systemic banking crises: a new database, IMF Working Paper, No. WP/08/224 (International Monetary Fund, 2008). a Claudio Raddatz, Are external shocks responsible for the instability of output in low-income countries?, Journal of Development Economics, vol. 84, No. 1 (September 2007), pp. 155-187; and Stefan Hochrainer, Assessing the macroeconomic impacts of natural disasters, World Bank Policy Research Working Paper, No. 4968 (Washington, DC, World Bank, 2009). Further reading Economic Commission for Latin America and the Caribbean. Latin America and the Caribbean in the World Economy 2009-2010: A Crisis Generated in the Centre and a Recovery Driven by the Emerging Economies. United Nations, 2011. Available from www.eclac.org/publicaciones/xml/6/40696/ crisis_generated_in_the_centre_and_a_recovery_driven_by_the_emerging_economies.pdf. ESCAP. Economic and Social Survey of Asia and the Pacific 2011: Sustaining Dynamism and Inclusive Development Connectivity in the Region and Productive Capacity in Least Developed Countries. Sales No. E.11.II.F.2. Available from www.unescap.org/pdd/publications/survey2011/download/econimicand-social-survey-2011.pdf. Economic and Social Survey of Asia and the Pacific 2012: Pursuing Shared Prosperity in an Era of Turbulence and High Commodity Prices. Sales No. E.12.II.F.9. Available from www.unescap.org/pdd/ publications/survey2012/download/survey_2012.pdf. Rising food prices and inflation in the Asia-Pacific region: causes, impact and policy response. MPDD Policy Brief, No. 7. March 2011. Available from www.unescap.org/pdd/publications/ me_brief/mpdd-pb-7.pdf. The European debt crisis: implications for Asia and the Pacific. MPDD Policy Brief, No. 4. August 2010. Available from www.unescap.org/pdd/publications/me_brief/mpdd-pb-4.pdf. United Nations. World Economic Situation and Prospects 2011. Sales No. E.11.II.C.2. Available from www.un.org/en/development/desa/policy/wesp/wesp_current/2011wesp.pdf. 218
Statistical Yearbook for Asia and the Pacific 2013 G. Economy Technical notes Gross domestic product (GDP) The total market value of all final goods and services produced within national borders in a given period of time. Purchasing power parity (PPP) PPP gives the number of units of a country s currency required to buy the same amount of goods and services in the domestic market as a United States dollar would buy in the United States. Costs in local currency units are converted to international dollars using PPP exchange rates. An international dollar has the same purchasing power as the United States dollar has in the United States. An international dollar is therefore a hypothetical currency that is used as a means of translating and comparing costs from one country to the other using a common reference point, the United States dollar. Indicators GDP in constant prices (billion 2005 United States dollars, percentage change per annum, 2005 United States dollars per capita, percentage change per capita per annum) GDP expressed in billions of constant 2005 United States dollars; also known as real GDP. Indicator calculations: Per capita figures are based on population figures (WPP2012). Aggregate calculations: Sum of individual country values (billion 2005 United States dollars); weighted averages using total population (WPP2012) as weight (2005 United States dollars per capita, percentage change per capita per annum); average annual growth of aggregate values (percentage change per annum, percentage change per capita per annum) over several years are calculated using the geometric growth model. Missing data are not imputed. GDP (2005 PPP dollars per capita) GDP per capita is calculated as the aggregate of production (GDP) divided by the population size based on WPP2012 and expressed in constant 2005 PPP dollars per capita. Aggregate calculations: Weighted averages using total population (WPP2012) as weight. Missing data are not imputed. GDP in current prices (billion United States dollars, United States dollars per capita) GDP expressed in the prices of the current reporting period; also known as nominal GDP. Indicator calculations: Per capita figures are based on population figures (WPP2012). Aggregate calculations: Sum of individual country values (billion United States dollars); weighted averages using total population (WPP2012) as weight (United States dollars per capita). Missing data are not imputed. Gross domestic investment rate in current prices (percentage of GDP, percentage change per annum) The sum of gross fixed capital formation and changes in stocks divided by the total GDP in national currencies. Indicator calculations: Percentages of GDP are based on national accounts data in national currencies (NAMAD). Aggregate calculations: Weighted averages using GDP in current United States dollars as weight (percentage of GDP); average annual growth of aggregate values (percentage change per annum). Missing data are not imputed. Gross national income in current prices (billion United States dollars, United States dollars per capita) GDP less net taxes on production and imports, less compensation of employees and property income payable to the rest of the world, plus the corresponding items receivable from the rest of the world (that is, GDP less primary incomes payable to non-resident units, plus primary incomes receivable from non-resident units). Indicator calculations: Per capita figures are based on population figures (WPP2012). Aggregate calculations: Sum of individual country values (billion United States dollars); weighted averages using population (WPP2012) as weight (United States dollars per capita). Missing data are not imputed. Value added by sector in constant prices: agriculture, industry and services (percentage of value added, percentage change per annum) Generation of gross value added by the International Standard Industrial Classification of economic activity. Agriculture includes Economy 219
Economy G. Economy Statistical Yearbook for Asia and the Pacific 2013 agriculture, hunting, forestry and fishing. Industry includes construction, mining, manufacturing and utilities. Services include transport, storage and communication, wholesale, retail, restaurants, hotels, and other types of enterprises. Indicator calculations: Percentages of total value-added figures are based on national accounts data in national currencies (NAMAD); percentage change per annum is based on value added components in the national currency. Aggregate calculations: Weighted averages using GDP in constant 2005 United States dollars as weight (percentage of GDP); average annual growth of aggregate values (percentage change per annum). Sources United Nations Statistics Division, NAMAD. Individual country data are collected from national statistical offices of countries through the United Nations Statistics Division National Accounts Questionnaire; data on countries and years that are missing from the questionnaire are estimated by the United Nations Statistics Division. PPP: World Development Indicators, World Bank. National accounts data are compiled by the World Bank, International Comparison Program database. The World Bank makes some adjustments to the data. Data obtained: 11 January 2013, except average annual GDP per capita (2005 United States dollars), growth rate (percentage change per capita per annum) and GDP (2005 PPP dollars per capita) obtained on 29 January 2013; gross national income in current prices obtained on 12 February 2013; and gross domestic investment rate in current prices obtained on 23 January 2013. 220
Statistical Yearbook for Asia and the Pacific 2013 G. Economy G.1.1 Real GDP Billion 2005 US dollars % change per annum Gross domestic product 2005 PPP dollars per capita 2005 US dollars per capita % change 2005 US dollars per capita per annum 1990 2000 2010 2011 91-01 01-11 2011 2005 2011 2005 2011 91-01 01-11 2011 East and North-East Asia 4 864 6 586 9 791 10 166 2.9 4.2 3.8 7 073 10 049 5 181 6 436 2.1 3.6 3.2 China 532 1 434 3 880 4 237 10.3 10.6 9.2 4 069 7 286 1 732 3 096 9.4 9.9 8.5 DPR Korea 15 12 13 13-1.9 0.8-0.1 547 526-3.1 0.1-0.6 Hong Kong, China 99 145 216 227 3.4 4.5 5.0 35 999 44 484 25 776 31 921 1.7 4.2 4.3 Japan 3 851 4 308 4 639 4 604 0.8 0.6-0.7 30 632 30 780 36 005 36 162 0.6 0.5-0.7 Macao, China 5 7 21 25 2.6 13.5 20.7 38 290 69 244 25 186 45 547 0.9 11.1 18.2 Mongolia 2 2 3 4 1.2 7.9 17.3 2 885 4 257 999 1 471 0.4 6.5 15.5 Republic of Korea 360 678 1 019 1 056 6.0 4.1 3.6 23 319 28 133 17 963 21 672 5.3 3.6 3.0 South-East Asia 444 726 1 204 1 258 4.6 5.4 4.5 4 192 5 227 1 658 2 082 2.9 4.1 3.2 Brunei Darussalam 7 9 10 10 2.2 1.3 2.2 47 760 46 643 25 914 24 765-0.3-0.5 0.7 Cambodia 2 4 9 9 6.9 7.9 7.1 1 508 2 040 471 637 3.9 6.2 5.3 Indonesia 150 227 378 402 3.7 5.5 6.5 3 141 4 069 1 273 1 650 2.1 4.0 5.1 Lao PDR 1 2 4 4 6.3 7.4 8.0 1 684 2 376 469 661 4.0 5.5 6.0 Malaysia 57 114 178 187 6.2 5.0 5.1 12 131 14 223 5 554 6 512 3.6 3.1 3.3 Myanmar 3 7 20 21 8.3 11.5 5.5 238 410 6.8 10.7 4.6 Philippines 62 82 131 136 3.2 4.8 3.7 3 041 3 630 1 201 1 431 0.9 3.0 2.0 Singapore 50 99 172 180 6.4 6.2 4.9 43 055 53 504 27 901 34 671 3.6 3.6 2.6 Thailand 93 145 226 226 4.1 4.2 0.1 6 791 7 972 2 877 3 391 3.0 3.6-0.2 Timor-Leste 0 0 3 3 2.6 20.8 10.6 972 1 494 1 822 2 986 1.4 18.0 8.9 Viet Nam 18 37 74 79 7.7 7.2 5.9 2 096 2 943 623 875 6.1 6.1 4.9 South and South-West Asia 835 1 302 2 333 2 484 4.4 6.5 6.5 2 789 3 415 1 059 1 398 2.5 5.0 5.1 Afghanistan 6 3 10 11-4.3 12.8 5.7 828 1 221 266 378-9.2 9.4 3.2 Bangladesh 28 44 78 83 4.9 6.0 6.7 1 144 1 545 403 543 2.8 4.6 5.5 Bhutan 0 1 1 1 5.9 8.5 5.9 3 528 5 225 1 259 1 870 5.0 6.0 4.0 India 351 598 1 238 1 323 6.0 7.7 6.9 2 234 3 256 743 1 083 4.1 6.2 5.5 Iran (Islamic Rep. of) 106 155 261 267 3.2 5.3 2.0 9 173 2 931 3 535 1.6 4.0 0.7 Maldives 0.4 0.8 1.5 1.6 6.5 7.2 7.5 5 249 7 554 3 335 4 800 4.2 5.3 5.4 Nepal 4 7 10 11 4.9 3.8 3.9 1 029 1 241 327 394 2.4 2.4 2.7 Pakistan 58 86 134 138 3.6 4.6 3.0 2 154 2 432 691 781 1.1 2.8 1.2 Sri Lanka 12 20 33 36 4.6 6.2 8.3 3 496 4 916 1 223 1 720 3.7 5.2 7.4 Turkey 270 387 565 613 3.0 5.3 8.5 11 532 13 575 7 130 8 393 1.4 4.0 7.1 North and Central Asia 954 642 1 078 1 130-2.8 5.2 4.8 9 133 11 538 4 037 5 077-2.9 5.0 4.4 Armenia 4 3 6 6-1.7 7.6 4.7 4 166 5 347 1 625 2 092-0.3 8.0 4.7 Azerbaijan 12 7 28 28-4.2 13.9 0.1 4 406 8 857 1 547 3 079-5.3 12.5-1.1 Georgia 12 5 8 9-6.7 6.4 7.0 3 519 4 949 1 433 2 015-5.3 7.2 7.3 Kazakhstan 50 35 77 83-1.2 7.6 7.5 8 747 11 899 3 792 5 140-0.2 6.6 6.3 Kyrgyzstan 3 2 3 3-2.7 4.1 5.7 1 762 2 159 488 598-3.8 3.3 4.3 Russian Federation 844 567 908 947-2.9 4.7 4.3 11 788 14 665 5 308 6 604-2.8 4.9 4.5 Tajikistan 4 1 3 3-7.7 7.9 7.4 1 423 1 832 340 435-9.1 5.5 4.8 Turkmenistan 14 11 23 26-1.5 8.8 14.7 4 762 8 316 2 937 5 184-3.3 7.6 13.2 Uzbekistan 11 11 22 23 0.3 7.4 8.3 2 010 3 026 553 832-1.4 6.2 6.8 Pacific 536 754 1 009 1 041 3.8 2.9 3.2 24 015 25 055 26 872 28 188 2.3 1.2 1.6 American Samoa Australia 451 640 865 894 3.9 3.0 3.4 32 323 34 214 37 021 39 335 2.7 1.4 1.9 Cook Islands 0.1 0.2 0.2 0.2 2.6 1.0 3.4 9 411 9 037 2.4-0.3 2.8 Fiji 2 3 3 3 2.8 1.4 2.0 4 324 4 203 3 655 3 548 1.8 0.7 1.1 French Polynesia 4 5 6 6 1.8 1.9 1.6 21 433 22 236 0.0 0.7 0.6 Guam Kiribati 0.1 0.1 0.1 0.1 2.7 1.6 3.0 2 304 2 102 1 167 1 131 1.2-0.1 1.4 Marshall Islands 0.1 0.1 0.1 0.2 1.2 2.8 5.0 2 677 3 000 0.5 2.8 4.9 Micronesia (F.S.) 0.2 0.2 0.2 0.3 1.7 0.1 1.0 3 144 3 249 2 355 2 425 0.9 0.5 1.2 Nauru 0.1 0.0 0.0 0.0-9.8-1.0 4.0 2 599 3 104-10.5-1.0 4.0 New Caledonia 4 5 7 8 1.4 3.5 3.4 27 266 30 553-0.8 1.9 2.0 New Zealand 70 94 119 120 3.5 2.1 1.1 25 304 24 381 27 530 27 257 2.2 0.9 0.0 Niue Northern Mariana Islands Palau 0.1 0.1 0.2 0.2 1.7 1.6 1.8 12 910 12 151 7 267 7 810-0.6 1.0 1.1 Papua New Guinea 3 4 6 7 3.6 4.9 8.9 1 866 2 364 798 1 008 1.0 2.4 6.5 Samoa 0.3 0.3 0.4 0.5 3.6 2.3 1.4 3 838 3 877 2 419 2 419 2.9 1.6 0.6 Solomon Islands 0.3 0.4 0.5 0.6 0.8 5.4 10.7 2 075 2 650 915 1 067-2.0 2.9 8.3 Tonga 0.2 0.2 0.3 0.3 2.4 1.4 4.7 4 220 4 313 2 616 2 667 2.1 0.8 4.2 Tuvalu 0.0 0.0 0.0 0.0 4.8 0.4 1.0 2 289 2 521 4.3 0.0 0.8 Vanuatu 0.3 0.4 0.5 0.5 2.0 3.9 4.3 3 530 3 993 1 878 2 178-0.2 1.3 1.9 Asia and the Pacific 8 806 10 009 15 415 16 079 2.7 4.6 4.3 5 155 6 835 3 105 3 810 1.4 3.5 3.3 Developed countries 4 372 5 043 5 623 5 619 1.2 1.0-0.1 30 715 31 103 35 911 36 375 0.8 0.7-0.3 Developing countries 3 261 4 966 9 793 10 460 4.5 7.3 6.8 4 121 5 877 1 804 2 573 3.1 6.2 5.7 LLDC 111 85 192 205-1.2 8.3 7.1 2 660 3 849 1 007 1 455-3.0 6.6 5.5 LDC 46 69 137 146 4.6 7.2 6.3 1 145 1 542 367 512 2.3 5.7 5.0 ASEAN 443 725 1 201 1 255 4.6 5.4 4.5 4 198 5 234 1 658 2 081 2.9 4.0 3.2 ECO 533 698 1 127 1 196 2.4 5.7 6.1 5 294 5 377 2 346 2 810 0.4 4.0 4.5 SAARC 460 760 1 506 1 604 5.5 7.3 6.5 2 096 2 960 697 985 3.5 5.7 5.1 Central Asia 110 74 170 183-2.0 8.4 7.2 3 950 5 867 1 556 2 308-2.6 7.3 5.9 Pacific island dev. econ. 15 19 25 27 2.2 3.1 4.4 2 534 2 713-0.1 1.0 2.3 Low income econ. 65 80 147 155 2.7 6.3 5.7 1 140 1 524 371 494 0.6 4.9 4.4 Lower middle income econ. 688 1 082 2 047 2 177 4.8 6.8 6.3 2 392 3 305 831 1 144 3.0 5.3 4.9 Upper middle income econ. 1 978 2 856 6 148 6 616 4.1 8.2 7.6 5 487 8 372 2 415 3 704 3.3 7.6 6.9 High income econ. 4 902 5 991 7 073 7 130 1.8 1.6 0.8 29 548 31 534 31 349 32 863 1.2 1.2 0.4 Africa 620 782 1 330 1 296 2.6 4.7-2.5 2 427 2 710 1 119 1 228 0.2 2.1-1.4 Europe 11 148 13 346 15 421 15 660 2.2 1.4 1.6 24 224 25 606 24 930 26 152 2.1 1.1 1.4 Latin America and Carib. 1 797 2 456 3 343 3 480 2.9 3.5 4.1 8 747 10 358 4 975 5 779 1.2 2.2 2.9 North America 8 717 12 164 14 203 14 466 3.5 1.6 1.9 41 451 41 414 41 461 41 389 2.4 0.7 1.0 World 31 588 39 504 50 864 52 203 2.8 2.6 2.6 8 862 10 121 7 047 7 487 1.4 1.4 1.5 221
G. Economy Statistical Yearbook for Asia and the Pacific 2013 G.1.2 Nominal GDP, GNI and GDI 222 Gross domestic product in current prices Gross domestic investment rate Billion US dollars US dollars per capita % of GDP % change per annum Gross national income Billion US dollars US dollars per capita 1990 2005 2011 1990 2005 2011 2000 2007 2011 91-01 01-11 2011 2011 2011 East and North-East Asia 3 875 7 906 14 491 2 851 5 181 9 174 27 31 35-2.5 0.2 4.2 14 835 9 392 China 404 2 284 7 204 347 1 732 5 264 35 42 49 0.5 3.0 2.4 7 330 5 356 DPR Korea 15 13 12 728 547 503 12 503 Hong Kong, China 77 178 243 13 270 25 776 34 285 27 21 23-0.6-1.0-2.4 251 35 314 Japan 3 104 4 572 5 870 25 388 36 005 46 107 25 23 20-2.8-2.0 0.6 6 083 47 774 Macao, China 3 12 36 8 824 25 186 66 685 11 37 13-10.1 3.1-1.0 33 60 158 Mongolia 2 3 9 690 999 3 111 29 39 58-3.1 8.8 43.2 8 2 844 Republic of Korea 270 845 1 116 6 293 17 963 22 906 31 29 29-3.1 0.1-0.3 1 119 22 968 South-East Asia 367 932 2 211 828 1 658 3 659 25 24 27-0.6 2.9 0.5 2 225 3 681 Brunei Darussalam 4 10 16 13 702 25 914 40 244 13 13 16 40 439 Cambodia 2 6 13 187 471 878 18 21 17-0.9-1.6 12 821 Indonesia 126 286 847 704 1 273 3 473 22 25 33-2.4 3.8 0.6 823 3 374 Lao PDR 1 3 8 204 469 1 257 34 31 13.9 8 1 202 Malaysia 48 144 288 2 612 5 554 10 012 30 23 24-4.1-1.5 1.9 281 9 762 Myanmar 5 12 55 123 238 1 057 12 15 19-2.8 5.3-14.8 55 1 057 Philippines 49 103 225 793 1 201 2 364 18 17 22-0.5-0.1 6.2 296 3 110 Singapore 39 125 260 12 875 27 901 50 046 33 22 22-2.2-1.7 1.4 254 48 969 Thailand 88 189 370 1 561 2 877 5 553 22 26 25-5.8 1.0 2.1 357 5 355 Timor-Leste 0 2 6 242 1 822 5 082 33 4 11 1.6-11.6-20.0 4 3 510 Viet Nam 6 53 124 94 623 1 375 30 43 33 7.6 0.5-16.1 119 1 327 South and South-West Asia 713 1 734 3 610 572 1 059 2 032 24 31 32-1.1 1.8 2.0 3 601 2 027 Afghanistan 4 7 19 309 266 651 18 622 Bangladesh 28 58 106 262 403 695 115 752 Bhutan 0 1 2 520 1 259 2 364 48 37 54 6.3-1.1 3.5 2 2 320 India 327 837 1 898 376 743 1 554 24 38 36-0.3 3.9-0.8 1 880 1 539 Iran (Islamic Rep. of) 91 206 522 1 615 2 931 6 919 33 31 40-1.6 1.7-3.8 517 6 856 Maldives 0 1 2 1 176 3 335 6 176 54 58 1.4 2 5 858 Nepal 4 8 19 209 327 681 23 29 33 1.5 3.8-15.1 19 685 Pakistan 48 109 209 432 691 1 186 17 23 13-1.8-2.6-16.0 218 1 240 Sri Lanka 8 24 59 474 1 223 2 828 26 27 30-0.4 2.9 9.2 59 2 797 Turkey 203 483 775 3 751 7 130 10 608 21 21 24-3.2 4.7 22.0 772 10 571 North and Central Asia 639 879 2 216 2 979 4 037 9 956 19 25 25-4.1 1.4 5.6 2 128 9 564 Armenia 2 5 10 609 1 625 3 420 19 38 28-6.7 3.5-15.1 10 3 538 Azerbaijan 7 13 63 902 1 547 6 890 21 22 20 20.9-0.4 10.0 60 6 477 Georgia 8 6 14 1 544 1 433 3 284 27 32 26 0.7-1.7 18.7 14 3 178 Kazakhstan 30 57 186 1 833 3 792 11 581 18 36 22 1.3-1.8-11.8 163 10 149 Kyrgyzstan 3 2 6 593 488 1 095 20 27 25 1.6 3.5-7.5 6 1 061 Russian Federation 569 764 1 858 3 840 5 308 12 952 19 24 25-4.9 1.3 9.8 1 798 12 534 Tajikistan 3 2 7 535 340 835 9 25 25 0.0 9.9 4.9 9 1 104 Turkmenistan 3 14 26 836 2 937 5 041 35 19-2.6 23 4 564 Uzbekistan 15 14 46 715 553 1 618 20-2.9 46 1 620 Pacific 381 895 1 716 14 249 26 872 46 442 23 28 27 0.3 2.8 4.4 1 659 44 904 American Samoa Australia 324 760 1 515 18 975 37 021 66 642 23 29 28 0.9 1.5 4.8 1 468 64 551 Cook Islands 0 0 0 3 330 9 411 13 481 0 13 481 Fiji 1 3 4 1 855 3 655 4 393 18 15 19 0.1 1.1 1.0 4 4 254 French Polynesia 3 5 7 16 037 21 433 26 572 15 17 17-0.5 0.7 0.1 7 26 572 Guam Kiribati 0 0 0 581 1 167 1 837 33 43 42-2.1 2.1-1.2 0 2 195 Marshall Islands 0 0 0 1 666 2 677 3 601 0 4 563 Micronesia (F.S.) 0 0 0 1 639 2 355 3 079 32 32 33-0.3 0.2 0.6 0 3 227 Nauru 0 0 0 5 377 2 599 7 151 33 43 42-2.1 2.1-1.2 0 6 937 New Caledonia 3 6 10 15 008 27 266 39 469 23 38-0.9 10 39 469 New Zealand 45 114 163 13 240 27 530 36 879 21 24 19 2.9-1.4-1.0 155 35 071 Niue Northern Mariana Islands Palau 0 0 0 5 096 7 267 11 098 29 21 22-3.1-1.0 4.5 0 9 792 Papua New Guinea 3 5 13 790 798 1 795 22 16 14-1.6-4.5-3.1 11 1 638 Samoa 0 0 1 688 2 419 3 560 14 9-4.3 1 3 375 Solomon Islands 0 0 1 667 915 1 558 20 19 21-1.8 0.7-44.0 1 1 373 Tonga 0 0 0 1 703 2 616 4 334 21 22 38 3.9 4.4 25.6 0 4 424 Tuvalu 0 0 0 1 059 2 289 3 714 0 5 539 Vanuatu 0 0 1 1 181 1 878 3 218 26 24 34-1.2 6.5 0.0 1 3 041 Asia and the Pacific 6 750 12 346 24 244 1 816 3 105 5 745 26 30 33-1.8 2.5 3.5 24 449 5 793 Developed countries 3 473 5 445 7 549 24 331 35 911 48 867 25 24 21-2.8-2.0 2.1 7 705 49 881 Developing countries 2 501 6 900 16 695 795 1 804 4 106 28 33 38-1.6 2.5 2.8 16 743 4 118 LLDC 72 129 400 733 1 007 2 834 21 31 24 0.0 5.2-13.6 371 2 630 LDC 44 97 230 227 367 805 235 822 ASEAN 367 930 2 205 829 1 658 3 656 25 24 28-0.6 2.9 0.5 2 221 3 682 ECO 405 908 1 858 1 393 2 346 4 367 23 25 27-1.6 1.6 3.3 1 832 4 306 SAARC 419 1 045 2 313 369 697 1 420 23 36 33-0.1 3.1-1.8 2 312 1 420 Central Asia 70 115 358 1 055 1 556 4 526 21 31 22-1.3 1.4-16.1 331 4 179 Pacific island dev. econ. 11 22 37 1 840 2 534 3 830 20 23 18-0.6 4.5-2.4 36 3 698 Low income econ. 63 109 237 287 371 754 246 783 Lower middle income econ. 598 1 456 3 475 443 831 1 826 23 33 32-0.5 3.0-1.2 3 504 1 841 Upper middle income econ. 1 442 4 154 11 294 945 2 415 6 322 30 34 41-1.7 1.7 3.7 11 303 6 327 High income econ. 3 872 6 626 9 238 19 803 31 349 42 577 26 25 22-2.5-0.1 1.6 9 396 43 305 Africa 507 1 010 1 905 799 1 119 1 805 18 21 22 0.3 2.8-1.9 1 809 1 713 Europe 8 010 14 706 19 152 13 662 24 930 31 982 23 25 21 0.9 3.5 1.1 19 173 32 016 Latin America and Carib. 1 123 2 795 5 792 2 524 4 975 9 621 21 22 22-2.5 2.8 2.8 5 624 9 343 North America 6 341 13 705 16 737 22 462 41 461 47 884 21 20 16 1.4-1.9 1.1 16 928 48 432 World 23 042 45 484 69 735 4 190 7 047 10 002 23 24 24-1.8 2.5 3.2 69 826 10 015
G.1.3 Economic sectors Value added by sector Statistical Yearbook for Asia and the Pacific 2013 G. Economy Average annual growth rate of value added Agriculture Industry Services Agriculture Industry Services % of value added % change per annum 1990 2000 2011 1990 2000 2011 1990 2000 2011 91-01 01-11 2011 91-01 01-11 2011 91-01 01-11 2011 East and North-East Asia 5 5 5 38 35 36 57 60 59 3 2 9 3 5 5 6 4 3 China 27 15 10 41 46 47 32 39 43 11 12 18 18 16 18 19 16 17 DPR Korea 33 45 31 67 55 69-1 50 3-5 59-1 Hong Kong, China 0 0 0 23 13 7 77 87 93-4 -2-5 1-1 7 8 4 8 Japan 2 2 1 38 31 27 60 67 72-2 -3-3 -2-2 -4 2 0-2 Macao, China 24 15 12 76 85 88-1 16 116 5 17 28 Mongolia 14 31 19 35 25 35 51 44 46 55 19 54 43 27 22 42 22 30 Republic of Korea 9 5 3 40 39 40 51 57 58 5 2 8 10 7 7 12 7 5 South-East Asia 15 12 12 37 40 39 48 48 48 17 16 18 22 17 18 19 17 19 Brunei Darussalam 1 1 1 62 64 72 37 35 28 6 1 3 5 9 31 4 4 4 Cambodia 50 38 37 12 23 24 38 39 40 22 13 13 34 13 12 24 13 8 Indonesia 18 16 15 39 46 47 43 38 38 19 16 11 21 16 16 18 16 17 Lao PDR 45 43 28 12 19 28 43 38 43 34 11 12 40 20 15 32 17 24 Malaysia 15 8 12 38 45 41 47 46 47 4 14 27 11 8 9 10 9 9 Myanmar 57 57 38 11 10 24 32 33 37 34 24 15 35 40 3 35 31 8 Philippines 19 14 13 38 34 32 43 52 56 7 9 12 10 9 5 13 10 9 Singapore 0 0 0 32 35 27 68 65 73-4 -2 1 6 6 0 7 8 7 Thailand 10 9 12 37 37 38 53 55 50 6 11 12 7 8 0 8 7 7 Timor-Leste 23 21 5 42 35 82 35 45 13 6 12 37 2 46 36 11 13 26 Viet Nam 39 25 22 23 37 40 39 39 38 14 17 37 26 19 25 21 18 26 South and South-West Asia 23 19 15 31 28 28 46 53 57 24 20 22 32 26 24 28 23 27 Afghanistan 36 57 31 24 23 24 41 20 46 101 11 23 102 16 29 95 27 12 Bangladesh 31 26 18 21 25 29 47 49 53 6 9 12 11 13 14 9 13 14 Bhutan 39 27 18 28 36 44 33 37 38 11 10 18 18 15 11 16 14 11 India 30 23 17 28 26 26 42 50 56 10 11 11 13 15 9 15 16 16 Iran (Islamic Rep. of) 18 13 9 28 36 41 54 50 49 26 20 22 33 26 25 30 23 28 Maldives 8 5 3 9 12 16 83 83 81 11 5 5 16 14 16 13 12 12 Nepal 48 38 37 12 17 15 39 45 48 11 12 20 16 10 13 14 12 11 Pakistan 25 26 22 25 23 25 49 51 53 13 15 24 13 16 19 14 16 22 Sri Lanka 26 18 12 29 30 30 45 53 58 11 14 10 16 17 19 17 19 17 Turkey 13 11 9 39 30 27 48 59 64 72 17 12 70 17 22 80 18 16 North and Central Asia 19 8 5 48 39 38 32 53 57 147 21 33 143 25 21 160 25 25 Armenia 17 25 22 54 38 32 29 37 46 163 10 30 151 11-3 170 15 13 Azerbaijan 30 17 6 33 45 66 37 38 28 133 13 16 161 30 23 152 22 11 Georgia 31 22 9 36 22 23 32 56 68 250 3 29 238 14 23 280 15 12 Kazakhstan 33 9 5 33 40 40 34 51 54 137 17 43 165 24 19 175 24 25 Kyrgyzstan 34 37 20 38 31 28 28 32 52 95 7 28 90 13 21 99 19 20 Russian Federation 18 7 4 50 39 37 32 54 59 122 14 27 133 19 24 150 20 16 Tajikistan 26 27 22 42 38 28 31 34 51 159 25 20 162 23 20 177 33 22 Turkmenistan 32 23 12 30 42 54 38 35 34 293 15 24 317 27 24 300 24 24 Uzbekistan 33 35 20 36 23 33 30 42 47 203 25 33 189 37 21 216 33 34 Pacific 4 5 3 30 26 28 66 69 69 6 2 3 4 7 4 5 6 5 American Samoa Australia 3 4 3 31 26 28 66 70 69 9 2-3 5 8 6 6 7 5 Cook Islands 11 10 5 8 8 9 80 81 86 4-1 4 8 5 6 8 5 3 Fiji 19 16 13 20 19 20 61 65 67 3 5 25 7 5 4 7 6 13 French Polynesia 4 4 2 17 16 14 79 80 83 2 0 3 2 1 3 3 3 3 Guam Kiribati 28 22 26 14 12 9 58 66 66 4 6 14 7 1 15 8 4 14 Marshall Islands 14 10 13 13 19 13 73 71 75 0 7-9 8 1 8 3 6 11 Micronesia (F.S.) 25 25 27 7 9 6 68 66 67 3 4 10 5 0-13 3 3 9 Nauru 8 7 5 4 8 42 88 85 53-5 3-16 0 29 17-5 2-8 New Caledonia 2 2 2 25 26 28 73 72 71 7 2 10 3 9 0 5 6 8 New Zealand 7 8 6 29 25 25 65 66 69 7 1 1 4 5 4 6 5 4 Niue Northern Mariana Islands Palau 26 4 3 15 15 21 59 81 76-15 4 8 6 9 10 7 6 7 Papua New Guinea 30 35 31 31 41 44 39 24 25 14 10 12 12 12 11 6 11 21 Samoa 21 17 10 29 27 27 51 57 63 8 2 7 12 6 2 14 8 5 Solomon Islands 46 35 29 8 13 10 47 53 61 7 16 20 14 12 21 17 13 16 Tonga 35 22 19 14 21 22 52 57 59-2 7 14 10 9 21 6 8 5 Tuvalu 26 17 22 15 13 9 60 70 68 4 6 3 6 0 4 9 4 1 Vanuatu 24 25 22 10 12 11 66 62 68 6 5 5 4 7 5 4 7 5 Asia and the Pacific 11 7 7 38 34 35 51 59 58 16 16 19 14 17 19 13 15 20 Developed countries 2 2 1 37 31 27 61 68 71-2 -3-3 -2-2 -4 2 0-2 Developing countries 19 13 10 39 38 39 42 50 51 17 17 19 20 18 19 18 17 21 LLDC 32 22 13 33 35 42 35 43 46 37 15 23 47 26 18 38 23 28 LDC 37 33 25 19 23 27 44 45 48 25 14 13 30 19 11 24 17 14 ASEAN 15 12 12 37 40 39 48 48 49 17 16 18 22 17 18 19 17 19 ECO 19 14 11 34 31 33 47 55 56 26 20 22 33 26 25 30 23 28 SAARC 30 24 18 27 26 26 44 50 56 10 12 13 13 15 12 15 16 16 Central Asia 32 18 10 35 37 44 34 45 47 164 23 34 163 30 19 181 29 31 Pacific island dev. econ. 13 14 13 22 25 27 65 61 61 5 3 8 3 7 1 4 5 6 Low income econ. 35 34 26 33 28 30 42 44 49 21 16 14 26 19 8 21 17 9 Lower middle income econ. 26 21 17 31 31 31 43 47 52 17 16 19 22 17 18 19 17 19 Upper middle income econ. 20 12 9 43 41 43 37 47 48 25 20 22 32 25 24 29 23 27 High income econ. 3 2 2 37 31 28 60 67 70 2 1 6 3 5 4 6 4 2 Africa 17 14 16 36 37 36 47 49 48 17 12 4 16 17 13 16 13 6 Europe 4 2 2 33 28 26 62 69 72 19 23 52 16 23 61 14 19 43 Latin America and Carib. 9 5 5 37 32 33 54 62 61 14 10 10 17 13 18 19 10 9 North America 2 1 1 28 24 21 70 75 78 0 5 3 4 3 5 6 4 4 World 6 4 4 33 29 29 61 67 67 16 16 18 15 17 19 13 15 19 223