Economic growth slowed in many major Southeast Asian countries in the April-to-June quarter, as the conflict involving Iran weighed on consumption and production.
Key economies in the region released their GDP growth figures by Monday.
Singapore’s economy grew 5.9 percent from a year earlier. Indonesia expanded 5.2 percent, the Philippines 2.3 percent and Thailand 1.9 percent. All four economies continued to grow, but at a slower pace than in the previous quarter.
The Philippines declared a national energy emergency in March following the escalation of tensions involving Iran. Consumer spending weakened amid rising prices and unemployment. The country’s quarterly growth was the slowest since 2021.
Singapore’s economy was less affected by the situation in Iran than expected. But production slowed at chemical makers and other manufacturers because of disruptions to raw material supplies.
The Middle East remains a key source of energy for Southeast Asia, and countries in the region are closely watching developments involving Iran.
Meanwhile, Vietnam’s economy grew 8.3 percent and Malaysia’s expanded 6 percent, with both posting faster growth. Solid consumer spending helped support the expansions. Manufacturing was also strong, driven by booming demand for AI-related products and semiconductors.