Philippines revises economic indicators for 2023
2022.12.09 02:35
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Philippines revises economic indicators for 2023
Budrigannews.com – The weaker global growth outlook, elevated inflation, and the pace of expansion in the domestic economy all played a role in the revision of the Philippine central bank’s current account projections for the years 2022 and 2023 that was made on Friday.
This year, the central bank anticipates a current account deficit of $20.5 billion, or 5.1% of GDP, as opposed to its previous forecast of $20.6 billion, or 5% of GDP.
It previously predicted a current account deficit of $20.1 billion, or 4.5 percent of GDP, for 2023, but now it anticipates a deficit of $19.9 billion, or 4.7 percent of GDP.
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The revisions, according to the central bank, reflect intensifying external risks caused by a more muted global growth outlook, persistent inflation pressures, the prolonged conflict between Ukraine and Russia, and disruptions in supply chains.
The optimistic outlook for the Philippine economy, which was on track to meet its growth target of 6.5 percent to 7.5% this year and is expected to continue expanding at a rate of at least 6% next year, was also taken into consideration by officials at the central bank.
The balance of payments (BOP) forecasts for the two years were revised by the central bank. They now anticipate a deficit of $11.2 billion in 2022 and $5.4 billion in 2023, which is more than the previous estimates.
The central bank reduced its estimates for gross international reserves for 2022 and 2023 from $99 billion and $100 billion, respectively, to $93 billion.
It was anticipated that remittances from Filipinos working and living abroad would expand by 4.0% this year and next.
