Philippines Economy Expands 1.1% QoQ in Q1
The Philippines GDP advanced 1.1 percent quarter-on-quarter in the first quarter of 2016, slowing from an upwardly revised 2.1 percent expansion reported in the previous three months and below market expectations. It is the weakest growth since the June quarter 2015 as agriculture, hunting, forestry and fishing contracted sharply while services and industry sectors slowed.
5/19/2016 5:54:29 AM
The agriculture sector shrank 3.3 percent, reversing from a 1.2 percent growth in the December quarter. The industry sector expanded by 1.3 percent, easing from a 2.8 percent growth in the previous three months. The services sector grew by 1.7 percent, as compared to a 1.9 percent expansion in the fourth quarter
Year-on-year, the economy grew an annual 6.9 percent in the March quarter of 2016, accelerating from an upwardly revised 6.5 percent expansion in the previous three months and above market consensus of a 6.6 percent growth. It is the strongest expansion since the September quarter 2013,