Current Account in Philippines

Philippines Current Account | Economic News & Forecasts

Philippines - Current Account

GDP growth slowed in year-on-year terms in Q3, but nonetheless beat market expectations. Moreover, robust quarter-on-quarter growth points to strengthening underlying dynamics. The annual figure was mostly driven by a surge in private consumption, likely aided by more limited restrictions from September amid a gradual fall in Covid-19 cases, which followed a strict lockdown of the capital in August. Government consumption, fixed investment and an improved trade balance also contributed to growth. Heading into Q4, the manufacturing PMI rose in October. Moreover, there has been a further relaxation of Covid-19 curbs in the capital since the start of the quarter, which, together with the Central Bank’s still-dovish stance, bodes well for momentum. However, a low nationwide vaccination rate leaves the country vulnerable to a further wave of the virus.

Philippines - Current Account Data

2015   2016   2017   2018   2019  
Current Account (% of GDP)2.4  -0.4  -0.7  -2.5  -0.1  

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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

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

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