Retail Sales in Philippines
Philippines - Retail SalesThe economy is expected to have fallen into a sharp recession in the second quarter due to the Covid-19 pandemic. Exports recorded another sharp contraction in May, the third month of double-digit falls, amid the global downturn. Moreover, in Q2, manufacturing production fell by over 40% and the unemployment rate skyrocketed to a record high. On a brighter note, the manufacturing PMI rose notably in June, suggesting that the sector may have restarted somewhat thanks to a partial reopening. That said, a sharp rise in cases since the 1 June loosening of restrictions threatens the recovery ahead: In July, the government imposed another two weeks of partial restrictions in the capital region to curb the spread and is considering tougher measures if necessary. Meanwhile, the government is planning a record USD 86 billion budget for 2021 to revive the economy.
Philippines - Retail Sales Data
|Retail Sales (annual variation in %)||-57.3||102||49.0||12.4||-|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||4.44||-4.11 %||Dec 27|
|Exchange Rate||50.66||0.02 %||Jan 01|
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July 17, 2020
Cash remittances from Overseas Filipino Workers (OFW) fell 16.2% in April, marking the worst reading on record amid a halted global economy and mass return of workers home due to the coronavirus pandemic (March: -4.7% yoy).
July 10, 2020
Merchandise exports contracted markedly again in May, plunging 35.6% in annual terms as the coronavirus pandemic halted the global economy.
July 7, 2020
Consumer prices increased a 0.49% in June over the previous month, a larger rise than the 0.08% increase logged in May and the sharpest increase seen since January.
July 1, 2020
The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, came in at 49.7 in June, a notable improvement after two bleak readings in April and May (May: 40.1).
June 25, 2020
At its 25 June monetary policy meeting, the Central Bank of the Philippines (BSP) decided to cut the overnight reverse repurchase facility (RRP) by another 50 basis points to 2.25% from 2.75%.