Macroeconomic Forecast Philipppines

November 2004 | Macroeconomic Forecasts

Philippine real GDP will expand by a seven-year high of 5.5% in 2004, according to BMI forecasts, before a slower global economy in 2005 leads growth to fall to 4.7%. Between January and September, merchandise exports rose 8.5% y-o-y to US$28.89bn. Strong sales to Japan, which were up 37.5% during the nine-month period, have contributed 5.7 percentage points to export growth so far this year. Exports are an important component of Philippine income, accounting for more than 40% of GDP.

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