Current Account in Philippines

Philippines Current Account (USD bn) | Economic News & Forecasts

Philippines - Current Account (billions of U.S. Dollars)

After better-than-expected growth in Q3, activity likely slowed in Q4, mainly due to a tougher base effect. Underlying momentum appeared robust, amid looser restrictions and fewer Covid-19 cases. The manufacturing PMI averaged higher, suggesting a pickup in growth of industry, while solid expansions in retail sales and remittances through November suggest healthy private spending. In Q1, activity is likely slowing further. Covid-19 cases have skyrocketed due to Omicron, and restrictions have been tightened as a result. Moreover, Typhoon Rai hit in December, causing significant economic damage and raising inflationary risks, which may dent spending early this year. In politics, the president recently signed a law liberalizing the retail sector. Meanwhile, Marcos Jr., son of the late dictator Ferdinand Marcos, has emerged as the frontrunner in this year’s presidential election.

Philippines - Current Account (USD bn) Data

2015   2016   2017   2018   2019  
Current Account Balance (USD bn)7.3  -1.2  -2.1  -8.8  -0.5  

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Philippines Current Account (USD bn) Chart

Philippines Current Account
Note: Current account balance as % of GDP.
Source: National Statistics Office and FocusEconomics calculations.

Philippines Facts

Value Change Date
Bond Yield4.44-4.11 %Dec 27
Exchange Rate50.660.02 %Jan 01

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