Moody’s Analytics sees 6.6% GDP growth in Q1

MANILA, Philippines–Moody’s Analytics expects the Philippines to have posted one of the strongest growth rates in Asia Pacific in the first quarter, projecting a 6.6-percent expansion of the domestic economy in the period from a year ago.

The National Statistical Coordination Board will release the official growth figure for the first quarter on Thursday.

In its regional outlook report released Monday, Moody’s Analytics said favorable indicators point to the ability of the Philippines to sustain a robust growth rate.

“The Philippine economy was one of the region’s standout performers in 2012, and this has continued in the opening months of 2013,” Moody’s Analytics said.

It echoed views of other institutions that economic growth will remain solid on the back of strong household consumption and higher government spending.

The government has set a goal for the economy to grow anywhere between 6 and 7 percent this year.

In 2012, the Philippines grew by 6.6 percent, beating the government’s target of 5 to 6 percent and recording one of the fastest growth rates in the region.