Asia Regional Integration Center
Tracking Asian Integration
Economic growth moderated to 5.9% in 2019 from 6.2% in 2018, below its long-term trend of 6.3%. A delayed national budget resulted in a drop in public spending during the first half of 2019, but the economy ended on a high note with 6.4% year-on-year growth in Q4. On the demand side, private consumption contributed most to GDP; public spending caught up by Q3; and net exports grew. Investment plunged from 13.2% growth in 2018 to a 0.6% contraction in 2019. On the supply side, services contributed 70% of GDP growth with industry about 30%. Growth in agriculture remained modest at 1.5%. Inflation dropped by half to 2.5%. Tax revenue to GDP is at its highest ratio in two decades. The government debt-to-GDP ratio continued to fall. With the COVID-19 outbreak, growth is forecast to fall to 2.0% in 2020 before recovering to 6.5% in 2021.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Composite Stock Price Index 1 | 7.0 (Dec20) | 6.0 | 7.0 |
Broad Money Growth 2 | 11.8 (Oct20) | 11.8 | 12.2 |
Headline Inflation Rate 3 | 3.5 (Dec20) | 3.3 | 2.5 |
Industrial/ Manufacturing Production Growth Rate 3 | -3.0 (Sep19) | -9.7 | 1.6 |
Merchandise Export Growth 3 | -1.2 (Oct20) | -1.2 | 2.9 |
Exchange Rate Index 4 | 91.7 (Dec20) | 92.0 | 96.8 |
1 Monthly average, local index. 2 %. 3 y-o-y, %. 4 Monthly average, January 2006 = 100, $/local currency. | |||
Source: Bloomberg LP; CEIC database; Philippine Statistics Authority; National Statistics Office. |
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