If emerging market growth expectations are being reined in, someone forgot to tell the Philippines. For the fourth quarter in a row, the Philippine economy expands by at least 7%, with GDP growth coming in at 7.5% for Q2, ahead of the 7.3% pace economists were expecting.
The Q/Q expansion was 1.4%, well ahead of the 0.8% consensus.
"The growth came mainly from consumer and public spending, buttressed by increased investments in fixed capital," a state official said.
The government now sees the economy beating GDP growth targets for the year.
Philippine stocks (EPHE) jump on the news, rising 3.6% in Manila after falling more than 3% for two straight sessions.