Philippines – GDP growth likely remained healthy in Q1

The Philippines will release Q1-2015 GDP numbers on 28 May. GDP growth to have stayed at a healthy 6.3% y/y in Q1, versus 6.9% in Q4, expects Standard Chartered. Growth was likely supported by a strong pick-up in the construction sector and steady growth in the services sector. 

• Construction is likely to have posted double-digit growth for a third consecutive quarter in Q1. 
  
  
• Services growth was likely aided by rising demand for business services and financial services, although growth in wholesale/retail trade services may have eased in Q1. 
  
  
• Manufacturing growth likely slowed. Average monthly industrial production growth (already released) in Q1 was 0.1% y/y, down from 6.1% in Q4-2014, notes Standard Chartered. Analysts expects strong domestic economy to support GDP growth, despite some headwinds to external demand.