Analysis by Region - Emerging Markets - Philippines
The Philippines' GDP grew by 6.3% y/y in Q2 after expanding by 5.8% in Q1, which was better than we and the consensus expected. The upside surprise was broad-based, led by sharp y/y growth in public investment and government consumption. The pace, however, was not as impressive as the 6.3% number would indicate: in q/q terms, Q2 GDP was only 0.5% higher than the previous quarter. We maintain our forecast that the Philippines economy will expand by 5.8% y/y in 2024 and 5.9% y/y in 2025.
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