## Philippines: 2017 Article IV Consultation-Press Release; Staff Report

_IMF Staff Country Reports, November 10, 2017_

## Source details

**Canonical URL:** [Philippines: 2017 Article IV Consultation-Press Release; Staff Report](https://www.imf.org/en/publications/cr/issues/2017/11/10/philippines-2017-article-iv-consultation-press-release-staff-report-45384)

## Other formats

- [Markdown version](/en/publications/cr/issues/2017/11/10/philippines-2017-article-iv-consultation-press-release-staff-report-45384/index.md)
- [Structured JSON version](/en/publications/cr/issues/2017/11/10/philippines-2017-article-iv-consultation-press-release-staff-report-45384/index.json)
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## Bibliographic details
- Published: November 10, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484326831.002

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### Economic performance (findings)
- 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.

### External and fiscal positions (findings)
- 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.

### Outlook and projections
- 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 areas and keywords (as listed)
- 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

*Source: Philippines: 2017 Article IV Consultation-Press Release; Staff Report*

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## Content in this bundle

- **Country Report**
  - [Country Report (Markdown version)](/-/media/files/publications/cr/2017/cr17334.pdf.md){rel="alternate" type="text/markdown"}
  - [Country Report (PDF)](/-/media/files/publications/cr/2017/cr17334.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2017/11/10/philippines-2017-article-iv-consultation-press-release-staff-report-45384_