Citi sees 6.5% GDP growth for 2nd quarter

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Philippine economic growth likely eased to 6.5 percent year-on-year in the second quarter partly due to a lower contribution from external trade, American banking giant Citigroup said.

 

In a commentary dated Aug. 23, Citi economist for the Philippines Jun Trinidad tempered the outlook for second-quarter gross domestic product (GDP) growth versus the bank’s earlier 6.8-percent forecast and the 7.8-percent expansion earlier reported for the first quarter.

 

The country’s second-quarter report card is set to be released on Thursday. The market consensus points to a growth of 7.3 percent.

 

Quarter-on-quarter seasonally adjusted growth in the second quarter was likewise estimated to have eased to 0.6 percent from 2.2 percent in the first quarter. Trinidad said the slower forecast would be due to lackluster trade contribution and the start of financial market volatility due to quantitative easing (QE) tapering risk, referring to the phaseout of the US Federal Reserve’s liquidity-inducing $85-billion monthly asset buying.

 

“We revised our earlier second-quarter GDP growth estimate of 6.8 percent year-on-year to 6.5 percent year-on-year recognizing that the net export contribution may have been less at 1.9 percent of real GDP compared to the previous estimate of 2.2 percent,” Trinidad said.

 

The economist said that with the Bureau of Customs’ trade data in the second quarter providing clues on exports (which fell 2.7 percent year-on-year) and imports (up 0.6 percent year-on-year), Citi revised lower its second-quarter export and import forecasts for GDP that resulted in a lower net export contribution during the period.

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  • 33Sam

    YEAH AND CITI IS JUST ANOTHER GLOBALIST FOREIGN BANKSTER MAFIA CROOK OUTFIT LIKE GOLDMAN SACHS AND J.P. MORGAN WHO CONVINCED YOUR POKPOK LEADERS TO OPEN THE PHILIPPINE CENTRAL BANKS’ VAULTS AND THE TREASURY BY THREATENING YOUR FLIPPERS WITH BEING CUT OFF FROM THE AMERICAN MARKETS.

    THIS BLURB COULD READ, “VAMPIRE GETS EXTRA BLOOD BAGS FROM HOST COUNTRY VICTIM WHO IS LAYING THERE PROSTRATE LIKE A WHORE OPEN FOR HIRE!!!”

    STUPID FLIPPERS!!

    AT LEAST ICELAND KICKED THESE A$$HOLES OUT WHO WERE GAMBLING WITH BANK DERIVATIVES AND TACKING THE LOSSE ONTO THE NATIANL DEBT SAYING IT WAS ICELAND’S DEBT.

    BRAZIL HAD THE BRAINS AND GUTS ENOUGH TO TELL THESE CROOK BANKSTERS TO GO TO HELL. BRAZIL DID NOT WANT A FOREIGN CORPORATION TO TAKE MONEY OUT OF ITS BORDERS!!!

    OF COURSE THE FLIPPERS CAN’T TELL HELL FROM HEAVEN SO THEY BEND OVER AS SOON AS SOMEONE FLASHES A BENJAMIN!!!

  • ofwme2807

    6.5 – 7.0 even 7.2% GDP is a good growth considering the bigger picture including ASEAN growth rate…Thailand is in recession and pressure on baht is mounting due to current rate, Malaysia also lowered growth outlook for the rest of 2013..the Philippines still managed to post higher growth rates than our ASEAN neighbors but if you compare to the rest of the world, we fared even better…of course Im not PNoy fan and want this pork PDAF abolished once and for all and no more changing names for it..a good growth rate is still good and it shows consistency and resiliency despite present condition…still a long way to go for the Philippines but surely on right path…

    • 33Sam

      WHAT’S THE USE OF A “GOOD GROWTH RATE” WHEN YOU HAVE FOREIGN BANKSTERS SKIMMING OFF THE TOP!!!

      REALIZE THE PLAN FOR THESE GLOBALISTS IS TO BANKRUPT ALL NATIONS TO PUSH FOR NEW WORLD ORDER!!!

      THIRD WORLD COUNTRIES ARE NOT CONSIDERED FOR INDUSTRIALIZATION.

      AGENDA 21 THAT RAMOS SIGNED ONTO MADE SURE OF THAT!!!

      NO MATTER HOW YOU ANALYZE IT, THE GLOBALISTS WILL PUT IN A RELEIFE VALVE FOR THEMSELVES TO FURTHER DRIVE DOWN INCOMES, MAKE MORE EXPENDITURES BASED ON HEAVY TAXATION LIKE THAT STUPID 12 %VAT THAT GOES INTO THESE BANKSTER’S POCKETS TO MAKE PROSPERITY A CARROT DANGLING IN FRONT OF YOUR FACE OUT OF REACH!!!

      ANYONE CAN MAKE NUMBERS LOOK GOOD. HECK THE U.S. GOVERNMENT SPINS UNEMPLOYMENT FIGURES BUT WON’T TELL YOU THAT ITS NOT THAT MORE PEOPLE ARE WORKING, BUT IN REALITY MORE PEOPLE GAVE UP LOOKING FOR A JOB SO THEY ARE NOT LISTED IN THE UNEMPLOYMENT STATISTICS.

      THEN THEY PAD THE NUMBERS TO MAKE IT LOOK INVITING.

      CITI CORP IS A SATANIC GLOBALIST-EUGENICIST GROUP LEECHING YOUR LIFE BLOOD AND YOUR LEADERS ARE TO BE BLAMED FOR INVITING THE VAMPIRE INTO YOUR HOUSE.

      A VAMPIRE CANNOT ENTER WITHOUT SOMEONE INVITING THEM!!!

      BUT HOW MANY OF YOU KNOW THIS OR WOULD BELIEVE IT???

  • carlcid

    Yesterday, it was bruited about that second quarter growth was 7.2%, lower than NEDA Chairman Balisacan’s personal estimate of 7.5%. Today, it’s a much-lower 6.5% estimate, coming from Citigroup. There is a lot of disparity in the numbers but, anyhow, the ordinary Filipino couldn’t care less because whatever growth there is, it is not inclusive, and does not help his situation.

    What this does, however, is it undermines the credibility of the Aquino administration, which has put high growth and booming markets as the hallmark of its accomplishments.

  • http://www.yellowmythbusters.gov.ph/ Weder-Weder Lang

    NEDA Chief Jun Balisacan did come out with his GDP guidance a few weeks back. In fairness to him, he did warn us that Q2 will be robust, but not quite. In his estimate, Balisacan pegs Q2 at somewhere around 7.5%, lower than Q1’s 7.8%. But since Citi and the other financial analysts are not under any obligation to toe the line of PNoy’s administration and fudge the numbers for propaganda purposes, they’ve come up with even lower estimates ranging from 6.5% to 7.2%. This only goes to show that the economy is in fact sliding down and not taking off like a paper tiger economy should. To think, 2013 is an election year. And PNoy did unleash his massive election spending, by as much as 73% of the budget by last April, to stimulate the economy. And yet, a disappointing outcome. By all indications, all’s not well for PNoy’s Daang Matuwid, which is very much under water in the wake of the Great Inundation of 2013 left by the heavy monsoon rains. Bucking the trend for election-years wherein Q1 is usually followed by a stronger Q2, the weakening economy of 2013 is another one for the books. All thanks to the incompetence of PNoy, the underachieving economics major who had to retake his Econ 101 several times to pass muster.

    (It appears PNoy will need more paid applauders, just like he did in his last SONA).

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