RAC/PAC
2.9.1 Saudi Arabia
Saudi Arabia’s real GDP in 2012 came to 6.8%. Growth was noticeably strong in the construction industry, which marked double-digit growth of more than 16%. Saudi Arabia represents one of the mo...
2.9 Middle East
Projects in the Middle East that were put on hold after the global economic crisis sparked by Lehman Brothers’ bankruptcy have gradually been resumed, and the dark cloud cast by the Dubai debt shock i...
2.8.6 Singapore
Singapore’s real GDP was 1.3% in 2012. Pushed up by housing construction demand, the construction sector recorded strong growth of 8.2%. Many Japanese companies are setting up Asian regional headquarters in Singapore to strengthen their Asian operations as the region becomes a larger part of their overall business. There are high demand for screw and scroll chillers in the market, wi...
2.8.5 The Philippines
The Philippines recorded impressive real GDP growth of 6.8% in 2012, much higher than the 3.6% growth recorded in 2011. Higher public investment including governmentled infrastructure projects and recovery in the construction sector were the major drivers of growth. The Philippines’ market size for chillers was US$ 36.8 million in 2012, an 8.2% increase compared with US$ 34.0 million in 201...
2.8.4 Vietnam
Vietnam’s real GDP was 5.0% in 2012. Looking back over the past 20 years, this was the second-lowest growth following 4.8% in 1999 in the wake of the 1997 Asian financial crisis. Many companies are experiencing deteriorating business conditions due in large part to difficulty in securing financing in the real estate and construction industries. There was a construction boom in office and ap...
2.8.3 Malaysia
Malaysia maintained year-on-year real GDP growth, recording solid 5.6% growth in 2012. Large-scale infrastructure projects and high-end residential construction helped expand the construction sector, ...
2.8.2 Thailand
Supported by solid expansion in the manufacturing and construction sectors, Thailand’s real GDP grew 6.5% in 2012. The construction and machinery and equipment industries saw increased demand f...
2.8 Southeast Asia
The Southeast Asian region is home to the ASEAN Free Trade Area (AFTA), which eliminates custom duties within the ASEAN region. The region’s investment environment is gradually changing, including ris...
2.7 Taiwan
Taiwan’s real GDP growth was 1.3% in 2012. The large-scale public works projects undertaken in the wake of the 2008 global financial crisis have passed their peak spending phases. The total siz...
2.6 South Korea
South Korea’s real GDP growth fell to 2.0% after recording 3.7% growth in 2011. Business investment contracted 1.9% year on year as economic uncertainty grew both at home and abroad. Impacted b...
