2Q17 GDP growth: As expected

PHILIPPINES - In Brief 17 Aug 2017 by Romeo Bernardo
Government announced today that the domestic economy grew 6.5% in 2Q17, behind China’s 6.9% growth clip but ahead of Vietnam’s (6.2%) and Indonesia’s (5%). As forecasted in our past quarterly reports, private consumption and investments continued to slow but growth rates were generally solid, with household spending up 5.9% and fixed capital formation rising 9.4%. Compensating for slower private spending were: (a) public sector spending, with growth in government consumption and public construction together adding 1.3ppt to overall growth; and (b) external demand, with robust export growth resulting in a smaller drag from net exports. On the production side, stronger agricultural and industrial sector growth made up for the continuing slackening of services sector growth. 2Q17 performance brings 1H17 GDP growth to 6.4%, on track to meeting our 6.5% full year target.

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