The South East Asia Iron and Steel Institute (SEAISI) has shared the ASEAN-6 countries’ gross domestic product (GDP) data for the third quarter last year, adding that ASEAN countries were facing the rapid spread of the Delta variant of the virus and that most countries re-imposed more restrictions, which negatively impacted their economies again.
Accordingly, Indonesia’s GDP expanded by 3.1 percent in the third quarter mainly due to exports, slower than the 7.1 percent rise in the second quarter, due to new restrictions. Malaysia’s GDP contracted by 4.5 percent in the given quarter, in line with two-month long coronavirus containment measures. All economic sectors of the country were affected.
Philippines’ GDP grew at better than expected by 7.1 percent in the third quarter, supported by wholesale and retail trade, and by the manufacturing and construction sectors. Growth was slower compared to the second quarter last year due to the re-imposition of restrictions in Metro Manila and other major urban centers and the impact of the typhoon season.
Singapore’s economy expanded by 7.1 percent in the given quarter last year, slower than the previous quarter, supported by the manufacturing, finance and insurance, and construction sectors. Thailand’s GDP contracted slightly by 0.3 percent, mainly due to the coronavirus outbreak and curbs.
Vietnam’s GDP in the third quarter last year was estimated to have fallen by 6.3 percent, the deepest contraction since early 2020. Efforts to curb the Delta variant in major cities affected the economy negatively.