Business and consumer expectations mixed for the first quarter of 2024

PHILIPPINES - Report 23 Apr 2024 by Diwa Guinigundo and Wilhelmina Manalac

Abstracting from the results of the BSP surveys of both business and consumer respondents, Q1 2024 is likely to sustain positive economic growth that may not necessarily approximate the official target of 6-7% at least for Q1 2024 due to the dominant downside risks to economic growth including the prolonged dry spell and the rising trend of inflation. Consumption spending may receive an additional boost from better consumer sentiment but business’s less optimistic expectations may partially hold it back.

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