DZRH Logo
Philippine central bank revises down 2023, 2024 c/a deficit forecasts
Philippine central bank revises down 2023, 2024 c/a deficit forecasts
Nation
Philippine central bank revises down 2023, 2024 c/a deficit forecasts
by DZRH News16 September 2023
FILE PHOTO: A logo of the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) is seen at their headquarters in Manila, Philippines April 28, 2016. REUTERS/Romeo Ranoco/File Photo

By Neil Jerome Morales and Mikhail Flores

MANILA (Reuters) - The Philippine central bank on Friday revised down its current account deficit projections for 2023 and 2024 on challenging external conditions, with both exports and imports likely to contract this year.

The Southeast Asian country's current account balance for this year is now projected to show a deficit of $11.1 billion, or 2.5% of the gross domestic product. That is smaller compared with the previous forecast of a $15.1 billion deficit, equivalent to 3.4% of GDP.

For 2024, the Bangko Sentral ng Pilipinas sees a current account deficit of $10.3 billion, or 2.1% of GDP, narrower than the previous forecast of $15.4 billion, accounting for 3.2% of GDP.

Advertisement

"Consistent with the emerging trend observed in most economies, both goods exports and imports are predicted to contract this year," the BSP said in a statement.

Owing mainly to a narrow current account deficit, the balance of payments (BOP) for 2023 is projected at a deficit of $0.1 billion, or 0.0% of GDP, compared with the previous forecast of a $1.2 billion deficit, or 0.3% of GDP.

The 2024 BOP forecast has been revised to a surplus of $1.0 billion, equivalent to 0.2% of GDP, from a previously projected deficit of $0.5 billion, or 0.1% of GDP.

Advertisement

(Reporting by Neil Jerome Morales and Mikhail Flores; Editing by Martin Petty)

Share
Related Topics
listen Live
DZRH News Live Streaming
Home
categories
RHTV Link
Latest
Most Read