4Q16 GDP grew 6.6%

PHILIPPINES - In Brief 26 Jan 2017 by Romeo Bernardo
Data released today showed the domestic economy growing 6.6% in 4Q16, sliding from the election-driven 7% growth clip in earlier quarters.Production accounts traced the slower growth to weather-related agricultural losses and moderating industry growth, particularly private construction.These are mirrored on the demand side, with losses in rural incomes and higher inflation in 4Q16 contributing to a slowdown in household spending (from over 7% in previous quarters to 6.3% in 4Q16) as well as investments.4Q16 performance brought full year growth to 6.8%, a shade lower than what we expected but remarkable nonetheless. We are reviewing our 6.5% growth forecast for this year and next, possibly paring the 2018 number in light of persistent bottlenecks and coordination problems in infrastructure agencies that will hamper speedier rollout of infrastructure projects.Revealing is the executive’s failure to date to secure emergency powers from congress to address the traffic problem.

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