Pantheon Macroeconomics

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13th May 2022 00:10Emerging Asia, Daily Monitor

The Philippines’ stronger-than- expected Q1 was due mainly to the likely last hurrah in consumption.

Q2 will be a wake-up call, as the election slams the brakes on government spending and investment.

We're happy to stay below-consensus on growth, but we have raised our 2022 forecast to 5.6%.

bloomberg capex consumer consumption credit credit growth economy election gdp gdp growth general election government government spending growth imports index inflation inventories labour labour market policy private consumption q1 q2 q2 gdp q4 real incomes remain savings survey survey data trade us

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