In the first quarter, GDP expanded 6.4% over the same period last year. The reading came in above both the 4.0% increase observed in the fourth quarter (previously reported: +3.7% year-on-year) and market expectations of a 4.3% expansion. The reading represented, in fact, the highest rate of GDP growth since the third quarter of 2010. The acceleration in economic growth in the first quarter mainly reflected a faster pace of inventory accumulation, a solid rebound in exports as well as higher government spending. Private consumption expanded 6.6% in the first quarter of the year (Q4 2011: +6.4% yoy), while government consumption surged 24.0% in the first quarter, up from the 7.6% increase registered in the fourth. Moreover, fixed investment rebounded from a 2.4% contraction in the fourth quarter to a 2.8% increase in the first. Exports of goods and services rebounded strongly from an 8.2% decline in the fourth quarter to a 7.9% increase in the first. Simultaneously, imports fell 2.6% in the first quarter (Q4 2011: -6.2% yoy). As a result, the external sector's net contribution to overall economic growth swung from minus 1.5 percentage points in the fourth quarter to plus 5.4 percentage points in the first. The government expects growth of between 5.0% and 6.0% in 2012.
Economic growth accelerates in the first quarter
May 31, 2012
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Note: Year-on-year changes of GDP in %.
Source: National Statistical Coordination Board (NSCB) and FocusEconomics Consensus Forecast.
Philippines Economic News
October 17, 2016
In August, cash remittances from Overseas Filipino Workers (OFW) grew 16.3% from the same month of last year to USD 2.3 billion.
October 13, 2016
The Philippines’ exports declined for the seventeenth consecutive month in August mainly due to weak demand from Japan, Hong Kong and the USA. Exports dropped an annual 4.4%, which followed July’s sharper 13.0% decrease.
October 6, 2016
In September, consumer prices rose 0.2% from the previous month, marginally up from August’s 0.1% increase.
September 22, 2016
At its meeting on 22 September, the Central Bank decided to leave the Overnight Reverse Repurchase facility (RRP) unchanged at 3.00% as the markets had expected.
September 15, 2016
In July, cash remittances from Overseas Filipino Workers (OFW) dropped 5.4% over the same month last year to USD 2.1 billion.