1Q17 GDP at 6.4%

PHILIPPINES - In Brief 18 May 2017 by Romeo Bernardo

The headline GDP growth rate itself was unsurprising as far as we are concerned. We already noted in our just released Quarterly Report (“Settling In”) how early indicators pointed to a slower growth rate vs. 1Q16.Markets, on the other hand, were disappointed having expected a number closer to 7%; hence the almost 1% decline in stock prices today. We find more interesting the sources of demand-side growth where both consumption and investments slowed down markedly and where the drag from net exports shrank due to the strong recovery in goods exports. What we are taking away from the pattern...

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