The Philippines was among the fastest growing Southeast Asian economies in 2017 with a GDP growth rate of 6.6%, driven largely by private consumption. Looking ahead, a solid labour market, healthy consumer confidence and higher accessibility to domestic financing will support consumer spending. Government spending and the implementation of big infrastructure projects will add further upside to the outlook. GDP growth is forecast at 6.8% p.a. to 2022.
Per capita incomes in the Phillipines doubled in the ten years to 2017. Incomes are expected to expand at a robust pace over the next five years consistent with the strong growth outlook.