Trimming Growth Forecasts

PHILIPPINES - Report 28 Nov 2013 by Romeo Bernardo and Christine Tang
GDP growth reached 7% in 3Q13, its fifth straight quarter in the seven-and-above level.While clearly decelerating as expected from the 1H13 growth pace, it remains one of the highest in the region, surpassing growth in other Southeast Asian economies. Looking at demand-side components, the pattern of growth in 3Q13 shifted back to private consumption, which contributed over 60% to GDP growth from below 50% in 1H13, as household incomes increased with higher remittances that were further boosted by the peso’s depreciation during the quarter.Investment growth also shifted more to durable equi...

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