{
  "title": "Philippines: 2017 Article IV Consultation-Press Release; Staff Report",
  "publication": "IMF Staff Country Reports, November 10, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/11/10/philippines-2017-article-iv-consultation-press-release-staff-report-45384",
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  "summary": "This 2017 Article IV Consultation highlights the Philippine economy’s continued good performance. Real GDP growth reached 6.9 percent in 2016 and 6.4 percent in the first half of 2017, led by robust domestic demand, a recovery in exports, and a fiscal impulse. The unemployment rate remains low at 5.",
  "sections": [
    {
      "heading": "Economic performance (findings)",
      "content": "- Real GDP growth reached 6.9 percent in 2016.\n- Real GDP growth reached 6.4 percent in the first half of 2017.\n- Growth drivers cited: robust domestic demand, a recovery in exports, and a fiscal impulse.\n- The unemployment rate remains low at 5.5 percent."
    },
    {
      "heading": "External and fiscal positions (findings)",
      "content": "- The current account balance is reported as near zero.\n- Gross international reserves at US$81 billion.\n- General government net debt at 34.6 percent of GDP."
    },
    {
      "heading": "Outlook and projections",
      "content": "- Real GDP growth projected at 6.6 percent in 2017.\n- Real GDP growth projected at 6.7 percent in 2018.\n- Rationale for projections: continued robust domestic demand, despite external headwinds."
    },
    {
      "heading": "Subject areas and keywords (as listed)",
      "content": "- Subject: Credit, Expenditure, Fiscal policy, Money, Public debt, Public financial management (PFM)\n- Keywords: Bangko Sentral ng Pilipinas, break, core inflation, CR, Credit, credit growth, Global, government deficit ceiling, headline inflation, IMF definition, IMF staff projection, inflation expectation, ISCR, Philippines\n\nSource: Philippines: 2017 Article IV Consultation-Press Release; Staff Report\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: November 10, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484326831.002",
    "Real GDP growth reached 6.9 percent in 2016.",
    "Real GDP growth reached 6.4 percent in the first half of 2017.",
    "Growth drivers cited: robust domestic demand, a recovery in exports, and a fiscal impulse.",
    "The unemployment rate remains low at 5.5 percent.",
    "The current account balance is reported as near zero.",
    "Gross international reserves at US$81 billion.",
    "General government net debt at 34.6 percent of GDP.",
    "Real GDP growth projected at 6.6 percent in 2017.",
    "Real GDP growth projected at 6.7 percent in 2018.",
    "Rationale for projections: continued robust domestic demand, despite external headwinds.",
    "Subject: Credit, Expenditure, Fiscal policy, Money, Public debt, Public financial management (PFM)",
    "Keywords: Bangko Sentral ng Pilipinas, break, core inflation, CR, Credit, credit growth, Global, government deficit ceiling, headline inflation, IMF definition, IMF staff projection, inflation expectation, ISCR, Philippines",
    "**Country Report**"
  ],
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