Current Account in Philippines

Philippines Current Account | Economic News & Forecasts

Philippines - Current Account

The economy lost traction in the first quarter. The deceleration was partly due to notable slowdowns in government consumption and fixed investment growth, largely the consequence of the prolonged budget impasse which delayed spending. More worryingly, the external sector softened amid weak electronics exports. On a more positive note, private consumption gained steam, supported by ebbing price pressures and solid remittances. Turning to Q2, the manufacturing PMI dipped again in April. Nevertheless, despite the soft manufacturing sector, growth is likely to accelerate in the second quarter; in mid-April, President Duterte finally signed the 2019 budget into law, which should unleash pent-up spending. On the political front, Duterte appears to have secured a resounding victory in May’s midterm elections, which should provide policy continuity and allow him to continue with a major infrastructure push.

Philippines - Current Account Data

2013  2014  2015  2016  2017  
Current Account (% of GDP)4.2  3.8  2.5  -0.4  -0.8  

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Philippines Current Account Chart

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

Philippines Facts

Bond Yield5.80-4.11 %May 10
Exchange Rate52.460.02 %May 13
Stock Market7,7420.66 %May 10

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