Q1 GDP growth seen at 6.6%

The Philippine economy is estimated to have expanded by 6.6 percent in the first quarter from a year ago, outperforming most emerging markets in Asia.

According to Moody’s Analytics, the Philippines likely posted another robust growth rate of 6.6 percent in the first three months of the year despite the lingering weakness in global demand that pulled down export revenues of emerging markets.

“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 in an outlook report for Asia Pacific released Monday.

It said the Philippines, given strong household consumption and higher government spending, was expected to have countered the drag caused by problems in the global economy.

“The high-frequency indicators such as industrial production and trade suggest a mild slowdown from the fourth quarter of 2012 but the first-quarter ( 2013) growth will still impress,” it added.

The think tank echoed views of other institutions that domestic demand had remained robust, and enough to compensate for the adverse effects of anemic export earnings.

The government earlier reported that exports fell by 6.2 percent year-on- year in the first quarter to $12.08 billion due to anemic global demand. Weak demand was blamed on the still fragile US economy and  the crisis in the euro zone.