Philippine Economic Growth Unexpectedly Slows to 5.5%
Bloomberg
Published Aug 07, 2019 10:01PM ET
Updated Aug 07, 2019 10:29PM ET
Philippine Economic Growth Unexpectedly Slows to 5.5%
(Bloomberg) -- Philippine economic growth unexpectedly slowed last quarter as belated approval of the budget failed to get government spending off the ground.
Gross domestic product expanded 5.5% in the second quarter from a year ago, lower than the 5.9% median estimate in a Bloomberg survey of economists. That’s down from 5.6% expansion in the first quarter.
The second-quarter growth figure could influence the central bank decision on monetary policy later Thursday. Almost all of the 26 economists in a Bloomberg survey predict a 25-basis point cut to the benchmark rate as cooling inflation gives policy makers room to support the economy.
Key Insights
- A four-month delay in approving the budget -- finally passed in April -- prompted the government to lower its 2019 GDP growth target to 6%-7%, from 7%-8%
- Earlier this week, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said he sees room for an additional 50 basis points of interest-rate cuts this year
Get The News You Want
Written By: Bloomberg
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.