THE country’s economic growth is expected to slow in the third quarter compared to the April to June period, according to Moody’s Analytics.
In its Asia-Pacific Economic Review, Moody’s Analytics said the country’s GDP is expected to average 6.45 percent in the third quarter. This is slower than the 7.4 percent posted in the second quarter this year.
This is higher than third-quarter GDP growth expectation for Indonesia at 6.1 percent, but slower than the forecast for Malaysia at 12.8 percent.
“Weaker conditions in major developed markets such as Europe, and to a lesser extent the US, will increasingly impact manufacturers in 2023,” Moody’s Analytics said.
In the Philippines, industrial production is expected to slow to 2.6 percent in September from the 3.5 percent in August.
This is slower than the 13 percent expected for Malaysia’s industrial production growth, but faster than India’s which is forecast to contract 0.3 percent in September.
The Philippine Statistics Authority (PSA) is expected to release the latest Monthly Integrated Survey of Selected Industries or the Production Index and Net Sales Index data on Tuesday, November 8.
Third quarter economic performance, meanwhile, will be released by the PSA on Thursday, November 10.
In its recent report, the International Monetary Fund (IMF) said it expects the country’s GDP growth to be slower this year and in 2024, in contrast to its July forecast.
Based on IMF’s latest projections, the country’s GDP is now expected to average 6.5 percent in 2022; 5 percent in 2023; and 6 percent in 2024.
The estimate for 2022 is 0.2 percentage points lower than the July 2022 forecast in the IMF’s World Economic Outlook (WEO) but the same as the April WEO.
The forecast for 2023 is the same as the July WEO but 1.3 percentage points lower than the April 2022 WEO estimates. For 2024, the forecast is 0.5 percentage points below the estimates made in the July and April WEO reports.