In
2014, the pace is expected to pick up to 7.5 percent as recovery gains
traction in Europe and the United States, the ADB said in its update
report.
The bank’s Asian Development Outlook Update 2013 report
showed exports of garments and footwear to the US and the European Union
expanded by 11.3 percent year-on-year to 2.3 billion USD, and exports
of milled rice doubled to 122 million USD in the first half of 2013.
Approvals
for construction projects went up sharply to 1.9 billion USD during the
same period, whereas credit for the construction sector grew by 46
percent in June from a year earlier, it added.
Tourist arrivals
reached 2.1 million in the first six months, up by 19 percent from the
previous year. In 2013, the service sector as a whole is projected to
grow by 7 percent and agricultural output by about 4 percent, the bank
said.
The report noted that growth in credit to the private sector eased to 29 percent in June, down from 34.1 percent in 2012.
The
year-average inflation forecast for 2013 is trimmed from the 3 percent
projected in April to 2.5 percent, reflecting an unexpectedly low
inflation of 1.8 percent between January and June, according to the
report.-VNA