Growth is expected to slow down some more in the fourth quarter after a marked skid in the previous quarter that may have put the economy in a technical recession based on the composite leading economic indicator (LEI) for the fourth quarter released yesterday by the National Statistics Coordination Board (NSCB).
The economy in the third quarter, the first full quarter under the Aquino administration, contracted from the previous three months that showed a record 7.9 percent, attributed mostly to election spending.
The economy shrank a seasonally adjusted 0.5 percent in the third quarter from the second and compared with a year ago, growth slowed to 6.5 percent during the period.
An economy enters a technical recession if it shrinks two consecutive quarter-on-quarter.
The NSCB said the LEI rose for the fifth consecutive quarter but the upswing in the fourth quarter continued a slowdown that started in the third quarter.
The fourth quarter LEI increased to 0.026 percentage point from a revised 0.022 in the third quarter, which the NCSB said was the slimmest rise in the composite LEI since the fourth quarter of 2009 when the index started to shift direction after five quarters of a downturn.
According to NSCB, the number of positive contributors to the LEI totaled only six compared to 10in the third quarter, 11 in the second qarter, and nine in first quarter.
“The combined share of positive contributors for this quarter consequently dropped to only 51.5 percent from the 79.04 percent and 100 percent in the third and second quarters, respectively,” according to NSCB.
The positive contributors were tourist arrivals, number of new businesses, foreign exchange rate, stock price index, hotel occupancy rate, and electric energy consumption.
On the other hand, the negative contributors were wholesale price index, terms of trade index, consumer price index, money supply, and total merchandise imports. The negative contributors accounted for 48.5 percent of total contribution.
The wholesale price index (WPI) has been pulling the composite index down for two consecutive quarters as it decelerated further in the third quarter by 3.8 percent, the NSCB said. –Daily Tribune
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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