Senior Economist at UOB Group Julia Goh and Economist Loke Siew Ting review the latest GDP figures in the Philippines. Key Quotes “The Philippine economy continued to post a contraction, albeit narrower decline of -8.3% y/y in 4Q20 (3Q20: revised upward slightly to -11.4% from -11.5%), after prolonged movement restrictions, a series of typhoons in Oct-Nov, and lower income weighed on household spending, investment, tourism-related industries, and agriculture & fisheries output. The 4Q20 GDP reading came in line with our estimate (-8.2%) but below Bloomberg consensus (-7.9%), sending the nation’s economy into a -9.5% tailspin for the entire year of 2020 (2019: +6.0%).” “The pace of growth recovery may continue to be constrained by a prolonged period of movement restrictions and practising of social distancing given the rise of new coronavirus variant and uncertainty surrounding the inoculation… We maintain our 2021 full-year GDP growth target at 7.0%, partly aided by favourable base effects, further improvement in export sector, and continued policy support.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US Dollar Index recedes from tops near 90.80 ahead of data FX Street 1 year Senior Economist at UOB Group Julia Goh and Economist Loke Siew Ting review the latest GDP figures in the Philippines. Key Quotes “The Philippine economy continued to post a contraction, albeit narrower decline of -8.3% y/y in 4Q20 (3Q20: revised upward slightly to -11.4% from -11.5%), after prolonged movement restrictions, a series of typhoons in Oct-Nov, and lower income weighed on household spending, investment, tourism-related industries, and agriculture & fisheries output. The 4Q20 GDP reading came in line with our estimate (-8.2%) but below Bloomberg consensus (-7.9%), sending the nation’s economy into a -9.5% tailspin for the entire year of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
