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The Philippines - Economy

Whitaker's Almanack Version

Financial Outlook

The economy grew by between 6% and 7% in 2013, according to a report published by Crédit Agricole in January 2014. However, the investment bank forecast a slower expansion of 5.7% in 2014 before an acceleration to 7.3% in 2015 on the back of the reconstruction of areas devastated by typhoon Haiyan/Yolanda. The investment bank expects remittances, which drove 5–7% growth in household consumption during 2011–2013, to contribute a similar amount in 2014. Inflation, which averaged an estimated 3.1% in 2013, is expected to rise to 4% in 2014. The country reported a balance of payments surplus for the ninth consecutive year in 2013; this amounted to US$5.085 billion, down from US$9.236 billion in 2012. The budget deficit in 2014 is expected to rise to 2.3% of GDP, largely due to the massive rehabilitation work in typhoon-devastated areas according to the Philippine investment bank First Metro Investment Corp. The IMF anticipates a deficit of 2% in 2013. However, the overall debt to GDP ratio should fall to 47.5% from 49% in 2013 and down from 70% in 2004.

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Further reading on The Philippines

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