Economies of the Association of Southeast Asian Nations (ASEAN) remained buoyant as nominal Gross Domestic Product (GDP) grew by 5.7 percent at 2.31 trillion U.S. dollars in 2012, a statement released by the ASEAN Secretariat said on Monday.

The continuing growth in the region was reflected in the improved GDP per capita at 3,751 US dollars in 2012 from 3,591 U.S. dollars in 2011, the statement said citing to the latest statistic data figures.

The average income of five prominent ASEAN countries (ASEAN 5) that consisted of Indonesia, Malaysia, Philippines, Singapore and Thailand has increased by 5.1 percent in the first half of this year, driven by favorable economic developments in the Philippines and Thailand.

On the other hand, ASEAN’s real GDP in 2012 advanced by 5.7 percent, or 1.0 percentage point higher than it was in 2011. ASEAN 5 growth rate has outpaced the remaining ASEAN countries grouped in BCLMV (Brunei, Cambodia, Laos, Myanmar and Vietnam), stood at 5. 8 percent and 5.3 percent, respectively.

In term of comparable international exchange rate based on Purchasing Power Parity (PPP), ASEAN’s GDP in 2012 reached PPP 3. 62 trillion U.S. dollars. Meanwhile ASEAN’s GDP per capita amounted to PPP 5,869 U.S. dollars.

Over time, the region’s service sector has become a significant catalyst for economic growth as the agriculture sector has decreased over the last seven years.

In 2012 services sector contributed the highest share to GDP in all-ten ASEAN countries, ranging from 35 percent to more than 60 percent of GDP.

After ASEAN 5’s economy has gradually shifted to the tertiary sector, the BCLMV country group is currently developing their secondary and tertiary sector. –