Philippines: Economy likely grew 7-7.2% in 2Q17: DOF – 16 Aug 2017

  • The economy likely expanded within the 7-7.2% range in 2Q17 on the back of strong exports and agricultural output, as well as improved public spending, the Department of Finance (DOF) reported on 15 Aug 17.
  • In an interview, Finance Undersecretary Gil Beltran said economic growth for 2Q17 is projected to be higher than the 6.4% registered in 1Q17.
  • Beltran attributed the upbeat outlook to the stronger performance of the exports and agricultural sector, and the increase in government expenditures during the period.
  • According to data from the Philippines Statistics Authority, Philippine exports grew 13.6% y/y in 1H17. Beltran also expects the agriculture sector to exhibit positive growth in 2Q17 due to lack of weather disturbances, such as El Nino and storms.
  • The local farm sector posted a 6.18% growth in output in 2Q17 according to the PSA.
  • Earlier, Socioeconomic Planning Secretary Ernesto Pernia said he is also expecting the GDP growth to approach 7% in 2Q17. He said this growth would be driven by the agriculture and exports sector.
  • Economic managers maintained their GDP growth projection between 6.5-7.5% for 2017 due to improving exports and public spending.

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