Indicators point to strong PHL growth — NSCB
The economy is seen to
remain robust in the second and third quarters of this year, according to an
index of 11 key data collated by the National Statistical Coordination Board
(NSCB).
In a report released Tuesday, the NSCB said the composite leading economic indicator (LEI)—a short-term forecasting tool made up of data tracking the expansion the economy—increased to 0.152 in the third quarter from an upwardly revised 0.064 in the second quarter.
The LEI “continued its upward trend in the third quarter of 2013, indicating a positive outlook for the country’s economy,” said the NSCB.
“The latest LEI computations show the index in positive territory signifying firmly well for the domestic economy,” it added.
For the third quarter, eight of the 11 indicators, which account for 82.4 percent of the total from 71.9 percent in the second quarter, contributed positively.
Starting with the largest positive contributor, these are: (1) total merchandise imports, (2) visitor arrivals, (3) money supply, (4) electric energy consumption, (5) terms of trade index, (6) hotel occupancy rate, (7) number of new businesses, and (8) stock price index.
Negative contributors, beginning with the largest negative contributor, were: (1) foreign exchange rate, (2) wholesale price index, and (3) consumer price index.
Sought for comment, University of Asia and the Pacific School of Economics dean Peter U said in a telephone interview, “Factors are looking positive for the Philippines.”
U said he is “unsure if the Philippines can sustain the first quarter growth, but I wouldn't discount a possibility of brisker growth.” The economist projected “at least 7 percent growth for the year.”
Philippine output expanded by 7.8 percent in the first quarter, the fastest in Southeast Asia, compared to a revised full-year 2012 gross domestic product (GDP) growth of 6.8 percent.
Increased remittance inflows stoking retail spending as well as improving investments will be the main factors for growth this year, U said. — BM, GMA News
In a report released Tuesday, the NSCB said the composite leading economic indicator (LEI)—a short-term forecasting tool made up of data tracking the expansion the economy—increased to 0.152 in the third quarter from an upwardly revised 0.064 in the second quarter.
The LEI “continued its upward trend in the third quarter of 2013, indicating a positive outlook for the country’s economy,” said the NSCB.
“The latest LEI computations show the index in positive territory signifying firmly well for the domestic economy,” it added.
For the third quarter, eight of the 11 indicators, which account for 82.4 percent of the total from 71.9 percent in the second quarter, contributed positively.
Starting with the largest positive contributor, these are: (1) total merchandise imports, (2) visitor arrivals, (3) money supply, (4) electric energy consumption, (5) terms of trade index, (6) hotel occupancy rate, (7) number of new businesses, and (8) stock price index.
Negative contributors, beginning with the largest negative contributor, were: (1) foreign exchange rate, (2) wholesale price index, and (3) consumer price index.
Sought for comment, University of Asia and the Pacific School of Economics dean Peter U said in a telephone interview, “Factors are looking positive for the Philippines.”
U said he is “unsure if the Philippines can sustain the first quarter growth, but I wouldn't discount a possibility of brisker growth.” The economist projected “at least 7 percent growth for the year.”
Philippine output expanded by 7.8 percent in the first quarter, the fastest in Southeast Asia, compared to a revised full-year 2012 gross domestic product (GDP) growth of 6.8 percent.
Increased remittance inflows stoking retail spending as well as improving investments will be the main factors for growth this year, U said. — BM, GMA News
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