{"id":187580,"date":"2018-10-30T02:18:42","date_gmt":"2018-10-30T06:18:42","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=187580"},"modified":"2018-10-30T02:18:42","modified_gmt":"2018-10-30T06:18:42","slug":"economist-forecasts-6-growth-q3","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/10\/30\/economist-forecasts-6-growth-q3\/","title":{"rendered":"Economist forecasts 6% growth in Q3"},"content":{"rendered":"

MANILA<\/strong>\u00a0— An ING Bank NV Manila Branch economist forecasted a 6.3 percent growth in the Philippine economy in the third quarter this year, higher than the 6 percent in the second quarter, due to stronger government spending.<\/p>\n

\u201cWe may have to see government spending step in to offset a projected slowdown in consumption,\u201d ING Bank NV Manila Branch senior economist Nicholas Mapa said in a report.<\/p>\n

This growth projection is lower than the recently cut 6.5-6.9 percent output target, as measured by gross domestic product (GDP).<\/p>\n

In the first half this year, the economy grew by 6.3 percent, with the first quarter figure at 6.6 percent and the second quarter at 6 percent.<\/p>\n

Mapa said state spending is not expected to disappoint and \u201cappears they are up to the task, posting a 33 percent increase in primary expenditure for the quarter.\u201d<\/p>\n

He said investment is also seen to contribute more \u201ceven before Buildx3 (Build, Build, Build) kicks into high gear.\u201d<\/p>\n

\u201cDouble digit expansion in capital goods and raw materials imports points to the continued pace of the nascent Philippine investment led growth cycle,\u201d he said.<\/p>\n

On the other hand, the economist projected a lesser boost from household spending, which in the past was a major driver of growth, given the elevated inflation rate and rise of interest rates.<\/p>\n

Also, he cited the widening trade gap, which, in turn, is a result of the strong growth of importation given the rising need of the domestic economy, especially with the government\u2019s massive infrastructure program.<\/p>\n

Mapa said the trade gap \u201cwill be a drag on overall growth as exports remains anemic despite the peso\u2019s weakness.\u201d<\/p>\n

He, meanwhile, noted that \u201cimports continue to post robust growth prints with all sub components showing no signs of slowing to fee the growing economy.\u201d<\/p>\n

In general, he remains optimistic for an above 6 percent output for the domestic economy.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0— An ING Bank NV Manila Branch economist forecasted a 6.3 percent growth in the Philippine economy in the third …<\/p>\n","protected":false},"author":33,"featured_media":182958,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-187580","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/187580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=187580"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/187580\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/182958"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=187580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=187580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=187580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}