Conventional methods of analyzing GDP by demand components typically allocate imports exclusively to exports—where total imports are deducted from total exports to get net exports as a measure of external demand. This simplistic approach underestimates the importance of exports and overestimates the importance of domestic demand, as it does not adequately capture the role of imports in the production and consumption process, resulting in a distorted picture of both export performance and domestic economic activity. This paper presents an import-adjusted GDP component approach, to give a better decomposition of the sources of economic growth in ASEAN+3 by demand components.