Philippines GDP Growth Weakest Since Late 2011
The Philippines economy expanded 5.2 percent in the first quarter of 2015, slowing from a revised 6.6 percent growth in October to December and missing market forecasts. An increase in private consumption and a rebound in investment were unable to offset a slowdown in government expenditure and exports.
On the expenditure side, household consumption grew by 5.4 percent year-on-year, accelerating from a 5.1 percent increase in the fourth quarter 2014. Government expenditure expanded by 4.8 percent, as compared to a 9.8 percent growth in the preceding quarter, mainly due to slower cash disbursement of major government expenditures and other operating expenses.
5/28/2015 12:07:28 PM
Philippines GDP Growth Beats Expectation
The Philippines economy grew 6.9 percent in the last quarter of 2014, faster than a 5.3 percent expansion in the previous three month period. It is the strongest pace in five quarters, as exports and household and government spending showed strong growth.
Published on 2015-01-29
Philippines GDP Growth Slows to Nearly 3-Year Low
The Philippines economy expanded 5.3 percent in the third quarter of 2014, the weakest pace since last three months of 2011. A rise in consumption and investment was not enough to offset a decline in government spending and a slowdown in exports.
Published on 2014-11-27
Philippines GDP Growth Beats Expectations
Philippine economy grew an annual 6.4 percent in the second quarter of 2014, faster than a revised 5.6 percent expansion in the previous three month period. The expansion was driven by industry, services and agriculture sector while government expenditure declined.
Published on 2014-08-28
Philippines GDP Growth Slows in Q1
The Philippine economy grew an annual 5.7 percent in the first quarter of 2014, slower than a revised 6.3 percent increase in the previous three months. It is the slowest expansion in over two years, as the impact of last year's typhoon still weights on farm output.
Published on 2014-05-29
Gross domestic capital formation increased by 11.8 percent, reversing from a 4.9 percent decline in the previous quarter, as investments in durable equipment expanded by 14.3 percent year-on-year while investment in construction grew by 5.7 percent and intellectual property products increased by 14.8 percent.
Exports expanded 1.0 percent, markedly slowing from a 15.5 percent increase in the previous quarter, mainly due to lower sales of goods and services. Outward shipments of goods significantly declined for: automotive electronics (-53.7 percent), control instrumentation (-44.7 percent), electronic data processing (-8.3 percent), petroleum products (-28.2 percent), metal components (-8.2 percent), sugar (-78.3 percent), bananas (-64.1 percent), copra oil cake or meal (-63.4 percent), dessicated coconut (-13.8 percent), shrimps and prawns (-47.6 percent) and tuna (-50.0 percent).
Imports increased by 4.6 percent, following a 5.3 percent growth in the fourth quarter, mainly driven by slower purchases of goods (+2.5 percent from +15.9 percent in the previous quarter) and services (+11.9 percent from +10.8 percent). Among goods, imports of feedstuff fell the most by 38.2 percent, followed by dairy products (-37.2 percent) and transport equipment (-32.5 percent). Among services, insurance rose the most by 24.6 percent, transportation (+21.1 percent), miscellaneous services (+14.0 percent), travel (+8.2 percent) and government (+5.9 percent).
On the production side, the services sector advanced 5.6 percent year-on-year, slowing from a 6.0 percent growth in the previous quarter. Growth in the sector were contributed by: transportation, storage and communication (+8.6 percent from +6.3 percent in the previous quarter); trade and repair of motor vehicles, motorcycles, personal and household goods (+5.4 percent from +5.3 percent); financial intermediation (+ 4.3 percent from 6.6 percent); real estate, renting & business activity (+6.4 percent from +8.3 percent) and public administration & defense compulsory social security (+0.2 percent from + 10.9 percent).
The industry sector grew by 5.5 percent, slowing from a 9.2 percent expansion in the preceding quarter. Growth of the sub-sectors mostly slowed except mining & quarrying: construction expanded by 4.5 percent (from +25.0 percent in the previous quarter); manufacturing (+5.9 percent from +10.7 percent); electricity, gas and water supply (+4.1 percent from +5.5 percent). In contrast, mining & quarrying grew by 7.1 percent, reversing from a by 3.2 percent decline in the fourth quarter.
The agriculture, hunting, forestry and fishing (AHFF) expanded by 1.6 percent, slowing from a 4.7 percent growth in the December quarter. The top contributors to the growth in the agriculture were: corn (+4.0 percent), banana (+4.0 percent), cassava (+9.2 percent), livestock (+3.1 percent), poultry (+4.7 percent) and palay (+1.4 percent). In contrast, contraction in the AHFF sector were seen for: rubber (-21.6 percent), coffee (-12.1 perccent), mango (-7.5 percent) and sugarcane (-2.9 percent), forestry (-3.9 percent) and fishing (-2.6 percent).
On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 0.3 percent in the first quarter of 2015, slowing from a 2.5 percent expansion in the December quarter, mainly due to a contraction in the industry and agriculture sector.