Business and consumer sentiment less optimistic in Q2 2024

PHILIPPINES - Report 01 Jul 2024 by Diwa Guinigundo and Wilhelmina Manalac

Notwithstanding the country’s real economic growth of 5.7 percent in Q1 2024, business sentiment in the Philippines turned out less optimistic in Q2 of 2024, with the overall confidence index (CI) recorded at 32.1 percent from 33.1 percent in Q1 of the current year, as reported in the Business Expectations Survey (BES) conducted by the Bangko Sentral ng Pilipinas (BSP) in Q2 2024. Similar to the results of the BES, the BSP’s Consumer Expectations Survey (CES) in Q2 2024 showed that consumer sentiment in the Philippines was more pessimistic for Q2 2024 as the overall confidence index (CI) became even more negative at -20.5 percent from -10.9 percent in Q1 2024.

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