In 2014, the ASEAN economy posted a robust growth of 4.6 percent, with nominal GDP of US$
2.5 trillion. The GDP growth of ASEAN6 is 4.3 percent, a decrease from 5.1 percent in 2013 while CLMV recorded a higher growth of 6.6 percent from 6.2 percent in 2013. The services sector remained as the largest contributor to economy of all ASEAN Member States. In contrast, the agriculture and industry sectors have progressively decreased in share over the last seven years.
ASEAN Remained Resilient
Gross Domestic Product (GDP) is the broadest measure of goods and services produced by an economy. Generally, the ten individual ASEAN Member States have experienced continuous growth during the period of 2006 to 2014, with the exception of 2009 when most Member States suffered setbacks in economic activities as a result of the global financial turmoil in 2008. To date, the region has recovered and has displayed significant improvement in pursuit of an ASEAN Economic Community by 2015.
ASEAN’s GDP in 2014 grew by 4.6 percent, with the CLMV posting a higher growth than the ASEAN6 country group at 6.6 percent and 4.3 percent, respectively. ASEAN’s nominal GDP reached US$ 2.6 trillion in 2014 with ASEAN6 accounting for a major share of it at US$ 2.3 trillion.
Cambodia, Lao and Myanmar are the countries that recorded the highest rate of growth at more than 7 percent
Table 1. ASEAN’s GDP Growth at Constant prices (%), 2006-2014
Country 2006 2007 2008 2009 2010 2011 2012 2013 2014
Brunei Darussalam 4.4 0.6 -2.4 -1.8 2.6 3.4 0.9 -2.1 -2.3
Cambodia 10.8 10.2 6.7 0.1 6.0 7.1 7.3 7.4 7.0
Indonesia 5.5 6.3 6.0 4.6 6.2 6.5 6.3 5.7 5.1
Lao PDR 8.3 6.0 7.8 7.5 8.1 8.0 7.9 8.0 7.3
Malaysia 5.6 6.3 4.8 -1.5 7.4 5.2 5.6 4.7 6.0
Myanmar 13.6 13.1 12.0 10.3 10.6 9.6 5.6 7.3 7.7
Philippines 5.2 6.6 4.2 1.1 7.6 3.6 6.8 7.2 6.1
Singapore 8.9 9.1 1.8 -0.6 15.2 6.2 3.4 4.4 2.9
Thailand 5.1 5.0 2.5 -2.3 7.8 0.1 6.5 2.9 0.7
Viet Nam 7.0 7.1 5.7 5.4 6.4 6.2 5.2 5.4 6.0
ASEAN 6.1 6.6 4.9 2.2 7.6 5.1 6.0 5.2 4.6
ASEAN6 5.7 6.3 4.5 1.6 7.6 4.7 6.0 5.1 4.3
CLMV 9.1 9.0 7.6 6.5 7.6 7.3 5.6 6.2 6.6
Source: AMSs data submission, as of 26 May 2015
Notes : ASEAN, ASEAN5 and BCLMV growth rate are calculated as a weighted average using PPP-GDP share of the World Total as used in the IMF-WEO Database of April 2015
.
The nominal GDP data alone may not fully reflect the developments in an economy. A better measure used to make GDP data more comparable is the GDP per capita which takes into account a country’s number of population. Referred to as the ‘average income of the people in an economy, it also indicates the amount of economic activity contributed by each member of the population.
In ASEAN, the countries are classified into three income groups based on the World Bank criteria.
Singapore, Brunei Darussalam, and Malaysia belong to the high-income level; Indonesia, Thailand and Philippines comprise the upper middle-income while Viet Nam, Cambodia, Lao PDR and Myanmar are in the lower middle income group. Starting in 2009, Myanmar has joined Viet Nam, Cambodia and Lao PDR in the lower middle income group.
The GDP per capita in ASEAN stood at US$4,130 in 2014, higher by US$222 compared to 2013.
As can be seen from Figure 2, Singapore and Brunei Darussalam have the highest level of GDP per capita followed by Malaysia, Thailand, and Indonesia.
In Purchasing Power Parity terms, ASEAN’s GDP per capita stood at PPP$ 10,677 in 2014, an increase from PPP$ 9,581 in 2013 (Table 2). Brunei has the highest level of GDP per capita at PPP$ 82,850, followed by Singapore (PPP$ 82,714) while Cambodia has the lowest at PPP$
3,334
ASEAN6, 2,275,923 CLMV,
91,249
Figure 1. GDP at Current Market Prices, 2014 (US$ Million)
Source: AMSs data submission, as of 26 May 2015.
Notes : ASEAN6 includes Brunei Darussalam, Indonesia, Malaysia, Philippines, Singapore and Thailand
CLMV refers to Cambodia, Lao PDR, Myanmar and Viet Nam
Table 2. ASEAN’s GDP per Capita (PPP$)(Millions of PPP$), 2006-2014
Country 2006 2007 2008 2009 2010 2011 2012 2013 2014
Brunei Darussalam 71,808 73,334 71,783 70,448 71,721 74,264 75,353 82,855 82,850
Cambodia 1,884 2,083 2,429 2,333 2,472 2,659 2,858 3,052 3,334
Indonesia 6,086 6,545 7,057 7,530 7,922 8,507 9,089 9,495 11,498
Lao PDR 2,676 3,113 3,343 3,555 3,752 4,107 4,422 4,744 5,093
Malaysia 16,983 18,109 18,990 18,501 19,319 20,891 22,131 23,089 24,607
Myanmar 1,735 2,044 1,906 2,265 2,430 3,376 3,851 4,167 4,680
Philippines 4,579 4,974 5,117 5,115 5,467 5,675 6,058 6,404 6,842
Singapore 59,959 64,421 63,397 61,605 70,599 74,942 76,988 80,295 82,714 Thailand 10,511 11,256 11,684 11,426 12,388 12,604 13,603 14,132 14,333
Viet Nam 3,389 3,673 3,958 4,301 4,533 4,750 5,009 5,315 5,644
ASEAN 6,369 6,876 7,245 7,450 7,942 8,566 9,143 9,581 10,677
ASEAN6 7,831 8,425 8,870 9,039 9,628 10,179 10,844 11,327 12,675
CLMV 2,645 2,933 3,074 3,378 3,576 4,099 4,422 4,722 5,105
Source : AMSs data submission as of 26 May 2015 and IMF WEO April 2015 to compute GDP per Capita in PPP$
Services Sector as the Main Driver of Growth
The economic landscape of the region have evolved significantly over the last few years. The ASEAN economies have found their niche in the services sector and are progressively moving away from agriculture during the last five years. The services sector along with manufacturing accounted for more than 80 percent of the GDP of most ASEAN economies. Table 3 indicates that in 2014, the services sector is the highest contributor to GDP almost all ASEAN Member States
41,424 1,105
3,901 1,724
10,784 1,215
2,816
56,287 5,436
2,055 555
5,005 4,130
Brunei Darussalam Cambodia Indonesia Lao Malaysia Myanmar Philippines Singapore Thailand Viet Nam CLMV ASEAN6 ASEAN
Figure 2. GDP per Capita at Current
Market Prices (US$), 2014
Table 3. Share of GDP by Sectors (%), 2005-2014
Country Agriculture Industry Services
2006 2009 2013 2014 2006 2009 2013 2014 2006 2009 2013 2014 Brunei Darussalam 1.1 1.2 0.7 0.8 60.3 53.0 64.4 63.0 38.6 45.8 36.8 38.0 Cambodia 28.0 29.5 24.2 23.2 28.6 28.1 29.9 30.7 38.3 42.4 39.0 39.2 Indonesia 14.2 13.6 12.3 12.1 43.7 41.7 39.9 39.7 42.1 44.8 47.8 48.3 Lao PDR 27.8 26.5 21.0 n/a 21.5 20.3 23.5 n/a 29.2 32.9 32.0 n/a Malaysia 8.3 7.9 7.1 6.9 43.2 37.8 36.4 36.3 47.5 53.2 55.2 55.3 Myanmar n/a 41.8 n/a n/a n/a 21.2 n/a n/a n/a 37.0 n/a n/a Philippines 13.1 12.5 10.4 10.0 32.5 31.5 32.8 33.3 54.4 56.0 56.8 56.7 Singapore 0.0 0.0 0.0 0.0 30.7 29.0 25.8 25.5 61.9 64.2 66.2 66.8 Thailand 9.0 9.2 8.3 8.3 47.2 46.6 46.0 45.2 43.8 44.3 45.8 46.4 Viet Nam 20.9 19.5 17.6 17.2 38.2 38.0 38.6 39.7 40.8 42.6 43.9 43.8
Source : AMSs submission as of 26 May 2015
This publication was prepared in the framework of the project "Capacity Building for the ASEAN Secretariat", jointly agreed and implemented by the ASEAN Secretariat and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and funded by the Federal Foreign Office of the Federal Republic of Germany.
Implemented by:
