The Leading Economic Indicator (LEI), which constitutes the basis for short-term forecasting of macroeconomic activity in the country and is published by the National Statistics Coordination Board (NSCB), continued to rise in the fourth quarter, although at a slower pace than in the first half of 2010. The increase from a revised 0.022 points in the third quarter to 0.026 points in the fourth represented the fifth consecutive quarter of growth in economic activity. Official data for the fourth quarter GDP will be available on 31 January. Six of the eleven components of the LEI were positive, in particular, tourist arrivals and the number of new businesses. On the other hand, the wholesale price index and terms of trade index contributed negatively to the LEI. The slower expansion of the LEI suggests that the economy will likely decelerate in the last quarter of 2010 after posting robust GDP growth of 6.5% in the third quarter. Nevertheless, the full-year growth figure is expected to exceed the 5.0%-6.0% growth target set for 2010 by the National Economic Development Authority (NEDA). For 2011, economic growth is likely to moderate due to the absence of election-related government spending, which was an important driver of economic growth in 2010.
Economic growth likely to slow in the fourth quarter
December 20, 2010
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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.