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Breaking: Philippine 4Q GDP 6.9%, 6.1% 2014

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From the NSCB:
For the Fourth Quarter of 2014, the country’s Gross Domestic Product (GDP) accelerated to 6.9 percent from 6.3 percent in the same period of last year.  This followed three consecutive quarters of decelerated growth. The robust performance of Industry sector particularly by Manufacturing and Construction and supported by the Trade, Real Estate, Renting & Business Activities, and Transport, Storage & Communication, boosted the fourth quarter performance and paved the way for the annual GDP to post a growth of 6.1 percent.
Government statistics is a puzzle. 
For instance, the government recently reported of plummeting prices of construction materials. Yet statistical gdp shows of a big jump in construction growth (21%)!  So based on the logic of government statistics, supply side growth have been relatively significantly larger than the demand growth, thus the dramatic drop in prices. Yet a glimpse at manufacturing, growth rate has been at only 10.5% while imports grew by only 5.3%. Those numbers just don’t square.
Since government makes the data they can show whatever they want.
So all these pumping and pushing of financial assets will be fueled more by government statistical GDP.
I’ll wait for the BSP’s disclosure on banking loans and liquidity metrics to see how banking sector contributed to the GDP pump.
This content provided courtesy of Prudent Investor Newsletter


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