GDP IMPORTANCE ON THE PHILIPPINE STOCK MARKET | MARVIN GERMO

GDP IMPORTANCE
GDP IMPORTANCE ON THE PHILIPPINE STOCK MARKET. The Philippine economy exited a pandemic-induced recession with its fastest year-on-year growth in more than three decades, but tighter COVID-19 curbs could hamper the recovery and boost expectations that monetary policy will remain accommodative for the rest of 2021. Gross domestic product (GDP) rose 11.8 percent in the quarter ending in June from a COVID-driven slump a year earlier, posting the biggest year-on-year expansion since the fourth quarter of 1988, as domestic demand improved, the statistics agency said on Tuesday.

The economy returned to year-on-year growth after five consecutive quarters of contraction.

Economists in a Reuters news agency poll had expected the economy to expand 10 percent year-on-year in the second quarter, after contracting a record 17 percent in the same period last year and shrinking a revised 3.9 percent year-on-year in the first three months of 2021.

The figures come ahead of the Bangko Sentral ng Pilipinas (BSP) monetary policy review on Thursday, where it is widely expected to keep the policy rate at a record low of 2 percent.

“The robust performance is driven by more than just base effects. It is the result of a better balance between addressing COVID-19 and the need to restore jobs and incomes of the people,” said Socioeconomic Planning Secretary Karl Chua.

The economy, however, contracted a seasonally adjusted 1.3 percent in the April-June period, after growing 0.3 percent in the previous quarter.

“The sequential contraction for Philippine GDP in the second quarter underlines our view that the economy’s recovery is likely to remain very gradual,” Bloomberg Economics’ Asia economist Justin Jimenez said. “With the capital region back under the tightest restrictions to contain the spread of the delta variant, the economy is set to take another hit” in the third quarter.

Household consumption grew 7.2 percent year-on-year, after four straight quarters of decline, but government spending contracted 4.9 percent after a 16.1 percent rise in the March quarter.

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