Here's what boosted this growth.
According to BBVA Research, in contrast to relatively disappointing Q2 GDP outturns in Indonesia (5.8%), Malaysia (4.3%), and Thailand (2.8%), the Philippines today posted an impressive 7.5% y/y (consensus: 7.2%; Q1: 7.7%) reading.
Growth was led by domestic demand, especially private consumption and government spending. Given the strong first-half outturn, growth is likely to exceed our 6.1% full-year projection.
However, the Philippines has not been spared recent emerging market currency and stock market turmoil, which may weigh on investment and growth during the remainder of the year.
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