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Philippines' 1.5% GDP rise surprises analysts
They expected weaker numbers.
According to UBS, Philippines real GDP beat expectations again, rising 1.5% seasonally adjusted on the quarter and 6.8% on the year. Q3 growth was revised from 1.3% on the quarter to 1.7%.
"We had expected weaker exports to pull growth below par in H2 2012. Instead domestic spending has boomed. Easy financial market conditions, election spending and a recovery in global trade momentum promises support to the elevated pace of growth in the immediate future," UBS said.
"We revise our 2013 real growth forecast from 4.5% to 6.3% and our 2014 real GDP forecast from 4.9% to 5.6%."
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