7.2% GDP Growth for Philippines

Moody’s Analytics has forecast a higher output for the Philippine economy in the last quarter of 2016, with the projection set at 7.2%, Reuters reported. This figure is higher than the domestic economy’s 7.1% growth, as measured by gross domestic product, in the third quarter of last year, which is the strongest in the region for the period and the highest in the past three years. If this forecast is achieved, average growth of the domestic economy last year will be 7.05%, higher than the government’s 6% to 7% target for 2016. In a preview report for Jan. 23-27, the research arm of Moody’s Corp., said its growth forecast for the Philippines for the last quarter of last year “would be the seventh consecutive quarter in which year-on-year GDP growth accelerated”. ”The main driver of output growth will continue to be domestic demand, with private consumption and investment both expanding rapidly,” it said. “Goods exports should also post a modest improvement compared with previous quarters because of the uptick in global demand in recent months.”