Philippines Economic Update, October 2019 : Resuming Public Investment, Fast Tracking Implementation

World Bank

World Bank, Washington, DC

关键词: ECONOMIC GROWTH;    ECONOMIC OUTLOOK;    TRADE;    INFLATION;    MONETARY POLICY;   

RP-ID  :  142521

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Philippine economic growth slowed to itslowest level in eight years, driven by a rapid decelerationin investment growth in the first half of 2019. GDP growthslowed from 6.3 percent year-on-year (yoy) in the first halfof 2018 to 5.5 percent in thesame period in 2019, belowgovernment’s growth target of 6-7 percent for 2019. Theslowdown was primarily driven by a contraction in nominalpublic investment due to the delayed passage of the 2019national government budget and the spending ban on newprojects before the May election. Public infrastructurespending shrunk by 15.7 percent yoy in nominal terms, from5.4 percent of GDP in the first half of 2018 to 4.3 percentof GDP in the same period in 2019. In addition, privateinvestment activities also slowed due to uncertaintiesaround the government’s ongoing tax reform program and theexternal environment. In this context, private consumption,which regained momentum thanks to declining inflation andimproving labor market conditions, was the main driver of growth.