The CCE index captures business to business purchases to acquire goods and services used in production, wholesale and retail purchases of final goods, business capital expenditures and government spending on goods and services.
In last year’s release, Vietnam’s commercial spending had grown by 16 percent to $78.1 billion from 2005.
Also last year, the Asia Pacific region saw an estimated $18.9 trillion in commercial spending, a growth of 13 percent compared to $16.8 trillion in 2006, according to the index compiled by Visa.
Given the size of its commercial expenditure, Japan topped the regional index with $5.2 trillion spent, followed by China ($4.9 trillion) and India ($2.3 trillion).
But Myanmar had the fastest spending growth in the region as total business and government expenditures increased by 41 percent to $12.4 billion.
Global annual commercial spending grew to an estimated $77.3 trillion in 2007, a 12.2 percent year-on-year increase, according to Visa.
“The markets across Asia Pacific are varied in terms of their stages of development and usage of commercial card products,” said Visa Commercial Solutions, Director (Asia Pacific), John Hazlewood.
Spending in every major region of the world rose last year, according to the CCE index.
Europe represented the largest share of commercial spending in 2007 ($26.8 trillion), followed by the US ($19.7 trillion) while Asia Pacific ($18.9 trillion) ranked third.
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TOP FIVE ASIA PACIFIC ECONOMIES IN TERMS OF … |
|
Size of commercial expenditure |
Growth of commercial expenditure |
|
Japan ($5.2 trillion)
China ($4.9 trillion)
India ($2.3 trillion)
South Korea ($2 trillion)
Australia ($1.2 trillion) |
Myanmar (by 41% year-on-year)
Hong Kong (by 36.5% year-on-year)
Singapore (by 35% year-on-year)
India (by 23% year-on-year)
Philippines (by 20.7% year-on-year) |
Global Commercial Consumption Expenditure
Reported by Tue Ly |
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