In the fourth quarter, GDP expanded 3.7% over the same period the year before. The reading came in slightly above the 3.6% increase observed in the third quarter (previously reported: +3.2% year-on-year) but below market expectations of a 4.0% expansion. In the full year 2011, the economy expanded 3.7%, less than half the 7.6% increase observed in 2010, dragged down by falling exports in the second half of the year. Moreover, full-year growth fell substantially short of the government's target of between 4.5% and 5.5% in 2011. Private consumption expanded 6.7% in the last quarter of the year (Q3: +6.8% yoy), while government consumption slowed from a 7.1% rise in the third quarter to a 5.8% expansion in the fourth. Fixed investment, on the other hand, accelerated from a 6.4% rise in the third quarter to a 7.5% expansion in the fourth. However, the fourth quarter GDP figure was negatively impacted by a reduced pace of inventory accumulation. Exports of goods and services fell 5.5%, less than the 11.9% drop recorded in the third quarter. Simultaneously, imports contracted 3.3% in the fourth quarter, contrasting the 0.4% rise in the third. As a result, the external sector's net contribution to overall economic growth remained negative, although it improved from minus 7.4 percentage points in the third quarter to minus 0.6 percentage points in the fourth. The government expects growth of between 5.0% and 6.0% in 2012.
Economic growth slows in 2011 on declining exports
January 30, 2012
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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.