Philippine Q1 GDP seen lifted by consumer spending, typhoon


Posted at May 26 2014 12:42 PM | Updated as of May 26 2014 08:56 PM

MANILA - The Philippine economy is expected to have sustained a strong pace of growth in the first three months of the year, a Reuters poll showed on Monday, underpinned by robust private consumption and state spending on typhoon rebuilding.

Gross domestic product probably rose a seasonally adjusted 1.9 percent in the January-March period from the previous quarter, according to the median estimate of six analysts.

That would be faster than 1.5 percent quarter-on-quarter growth in the three months to December, with a rebound in exports also providing a lift.

On an annual basis, first-quarter growth likely slowed slightly to 6.4 percent, the median estimate of 20 analysts showed, due to the comparison against a high base in the same period last year when consumption got a boost from congressional elections.

GDP rose 6.5 percent year-on-year in October-December, and an annual 7.7 percent in the first quarter of 2013.

Official GDP growth figures will be released on Thursday.

For 2014, analysts expect full-year growth of 6.6 percent, below last year's actual 7.2 percent expansion, which was the fastest in Southeast Asia.