Philippine Economy Beats Expectations at 6.4%

The Philippine economy grew faster than expected in the three months to June, figures have shown, expanding by 6.4% from a year earlier.

Most analysts had forecast growth for the period to come in at 6.1%, and the figure was up on the growth of 5.6% seen in the first quarter of the year.

Growth was boosted by consumer spending and the manufacturing sector.

Overall, the data showed the nation’s economy growing up at its fastest pace in more than a year.

Weaker government spending in the April-to-June quarter affected the country’s important services sector, but an expansion in exports – together with growth in the nation’s agricultural sector – contributed to the positive economic report.

“We are pleased with the result,” the country’s finance secretary, Cesar Purisima, told the BBC, “even if it is a little bit below our forecast range.”

Mr Purisima said he believed the nation’s full-year growth target of between 6.5% and 7.5% was still in range.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza