Better 2Q14 Growth But....

PHILIPPINES - Report 28 Aug 2014 by Romeo Bernardo and Christine Tang
In contrast to last quarter’s disappointing performance, 2Q14 GDP growth of 6.4% turned out much better than the 6% consensus forecast and lifted this year’s average growth so far to 6%.The economy’s performance puts it ahead of most ASEAN economies. One can quickly tell from the newly released numbers that from the supply side and consistent with the leading indicators we cited previously, the extra growth points in 2Q14 came from accelerated output growth in agriculture (4.6%) and manufacturing (10.8%) even as the overall services sector slowed to 6%.But what we find interesting in shapin...

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