Philippines: Economy

A surge in investment and strong consumption in the Philippines drove unexpectedly high growth in gross domestic product in the first half of this year. Growth is projected to moderate in the second half but will still exceed the March forecast for 2016 as a whole. The growth forecast for 2017 is nudged up as well. Despite the strong domestic demand, inflation will be lower this year than earlier anticipated. For 2017, though, the inflation forecast is raised slightly. Weak merchandise exports and buoyant imports indicate that current account surpluses will be smaller than forecast in March. Read more from Asian Development Outlook 2016 Update

Economic forecasts for Southeast Asian countries

Country 2016 2017
Brunei Darussalam 1.0 2.5
Cambodia 7.0 7.1
Indonesia 5.0 5.1
Lao People’s Dem. Rep. 6.8 7.0
Malaysia 4.1 4.4
Myanmar 8.4 8.3
Philippines 6.4 6.2
Singapore 1.8 2.0
Thailand 3.2 3.5
Viet Nam 6.0 6.3
Average 4.5 4.6
Country 2016 2017
Brunei Darussalam -0.6 0.4
Cambodia 2.8 3.4
Indonesia 3.5 4.0
Lao People’s Dem. Rep. 1.6 2.3
Malaysia 2.1 2.5
Myanmar 9.5 8.5
Philippines 1.8 2.8
Singapore -0.8 0.8
Thailand 0.4 2.0
Viet Nam 2.5 4.5
Average 2.0 2.9
Country 2016 2017
Brunei Darussalam -4.5 -2.0
Cambodia -11.1 -10.2
Indonesia -2.3 -2.4
Lao People’s Dem. Rep. -16.0 -19.0
Malaysia 1.2 2.3
Myanmar -8.3 -7.7
Philippines 2.0 1.8
Singapore 19.5 19.5
Thailand 9.5 4.0
Viet Nam 3.0 4.0
Average 3.4 2.7

Source: Asian Development Outlook 2016 Update