ADB Upbeats on Philippines Economic Growth, Notes Deficit
The Asian Development Bank (ADB) forecasts the Philippines gross domestic product (GDP) will grow by 6.8% this year and by 6.9% in 2019.
“Strengthening domestic demand will underpin growth in 2018 and 2019. ” the ADB said in its report, but the Asia-based lender stated that import growth outpaced export growth leading to a widening trade deficit to the country.
The Philippine Statistics Authority (PSA) on Wednesday reported that imports continued to outpace exports in February, expanding the country’s trade deficit to USD 3.06 billion during the month from USD 1.77 billion the previous year. The Phillipines post record deficit in November 2017 as it imports building materials to ramp up construction to catch up the economic growth. China was the Philippine's biggest market of import. Hong Kong was the Phillipines' biggest market for export.