World Economy

ASEAN GDP Grew 4.6%

ASEAN GDP Grew 4.6%ASEAN GDP Grew 4.6%

ASEAN’s real Gross Domestic Product grew 4.6% to reach $2.57 trillion in 2014.

The sustained growth in GDP led to an increase in the GDP per capita from $3,908 in 2013 to $4,130 in 2014, ASEAN Secretariat said in a statement Wednesday, Bernama reported.

It said the services sector continued to be the biggest contributor to growth at 50.1% of the region’s total GDP in 2014.

In the case of ASEAN6 (Brunei, Indonesia, Malaysia, the Philippines, Singapore, and Thailand), all countries except Malaysia experienced a slowdown in their growth, leading to a decrease in the average GDP growth from 5.1% in 2013 to 4.3% in 2014, it said.

In contrast, real GDP growth of CLMV countries (Cambodia, Laos, Myanmar, and Vietnam) advanced by 6.6% in 2014, higher by 0.4% percentage point from the 2013 level, it said.

In terms of Purchasing Power Parity, on the one hand, ASEAN’s GDP reached PPP $6.64 trillion in 2014, constituting 6.1% 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, it said.

As one of the fastest growing regions, the share of ASEAN GDP in the world increased from 3.18% in 2013 to 3.33% in 2014, it said.

The size of ASEAN GDP in 2014 stood at approximately 15% of the US economy, compared from only 7% in 2004.