6.6% 4Q17 GDP growth

PHILIPPINES - In Brief 23 Jan 2018 by Romeo Bernardo
4Q17 GDP grew 6.6%, slowing from the 7% growth clip in 3Q17 as the trade gap widened anew. Highlights of the latest data release include:1. Faster growth of private consumption, which at 6.1% in 4Q17, is the fastest quarterly growth for 2017. The 3Q17 growth rate was adjusted upwards from 4.5% in the previous estimate to 5.3%.2. Higher contribution to growth from public consumption and construction. The two accounts added 1.7ppt to 4Q17 GDP growth, compared with 1.1ppt in 3Q17 and almost nil in 1H17.3. Export growth continued to outpace import growth although the latter has strengthened compared with 3Q17.4. Production accounts continued to exhibit steady growth, including agriculture; but growth rates slowed from 3Q17, particularly for manufacturing.5. The main drag was growth in private construction which has been on a downtrend and fell to 3% in 4Q17.On the whole, economic performance in 2017 was better than start-of-year analysts’ projections. Full year growth reached 6.7%, one of the fastest in Asia.

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