August 9, 2018
The Department of Finance (DOF) said Thursday despite gross domestic product slowing down to six percent for the second quarter from 6.6 percent in the previous quarter, there were factors which means the economy will bounce back in the third quarter.
In an economic bulletin by Undersecretary Gil Beltran, chief economist of the finance department, it said "there is a silver lining."
"First, capital formation soared to 20.7 percent on the back of strong 28.6 percent acceleration in durable equipment. Second, exports of goods and services recovered to a double-digit growth of 13 percent from 6.5 percent in the first quarter amid a rebound in electronics components. Consumer electronics and office equipment also showed triple digit expansions," said the DOF.
"These imply that the economy will be able to recover lost ground in the next quarters as the equipment and factories set up in the second quarter will start operations. Also, the rise in the goods trade deficit will be sustainably financed by a growing services trade surplus," it added.
The Philippine government is "keeping its eye on the bigger picture, that is, that growth, if it is to remain sustainably high, should be driven by investment," the DOF bulletin said.
"Public construction has accelerated to 22.1 percent in 2018 first semester, more than double the 2017 first semester growth of 9.3 percent. Private construction is also picking up," it added. DMS
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