Philippines Economic Update, April 2017
The Philippine economy remained resilient to global headwinds in 2016. While a slower-than-expected global recovery weakened net exports, surging domestic demands pushed the annual GDP growth rate to 6.8 percent, year-on-year. Investment drove econ...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/746271491832911953/Philippines-Economic-Update-Advancing-the-Investment-Agenda http://hdl.handle.net/10986/26399 |
| Summary: | The Philippine economy remained
resilient to global headwinds in 2016. While a
slower-than-expected global recovery weakened net exports,
surging domestic demands pushed the annual GDP growth rate
to 6.8 percent, year-on-year. Investment drove economy-wide
growth for the first time since 2013, as the
government's expansionary fiscal-policy stance helped
capital formation to expand by 20.8 percent year-on-year led
by the construction sector. Consumption growth remained
strong at a rate of 6.9 percent year-on-year, as
accommodative monetary policies kept interest rates low,
supporting a double-digit expansion in consumer lending.
Meanwhile, low inflation at 1.8 percent boosted
households' purchasing power, while a steady increase
in remittance inflows accelerated the growth of household
consumption. Overall, 2016 saw a marked rise in consumer
confidence, reflecting a healthy job market and effective
social protection programs. |
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