Philippines Economic Update, April 2017
Saved in:
| Online Access: |
Full Text (via Open Knowledge Repository) |
|---|---|
| Corporate Authors: | , |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C. :
The World Bank,
2017.
|
| Series: | Economic Updates and Modeling.
World Bank e-Library. |
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| 490 | 1 | |a Economic Updates and Modeling | |
| 520 | 3 | |a 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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