Macroeconomic Forecast Philippines

October 2004 | Macroeconomic Forecasts

Double-digit export growth is supporting the Philippines' economy. Merchandise exports rose 13.5% y-o-y in July to US$3.42bn, taking growth during the first seven months of the year to 9.3%. Exports to Japan, the Philippines' number-two export market after the US, have accounted for more than 60% of export growth so far this year. Real GDP will expand 5.5% in 2004 and 4.8% in 2005, according to BMI forecasts.

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