THE current account deficit as a proportion of GDP is now projected at 4.7% this year from 4.5% previously, with easing commodity prices offset by strong imports of capital goods, Fitch Solutions Country Risk & Industry Research said in a report.
cit was equivalent to 6.2% of GDP, against a deficit of 1.1% a year earlier, the Bangko Sentral ng Pilipinas said last month.
The cumulative current account deficit “has likely widened to 5.2% of GDP for the whole of 2022 ,” Fitch Solutions said. Fitch Solutions expects goods export growth to slow to 5% this year from an estimated 6% in 2022, due to a broader slowdown in demand as a result of higher borrowing costs.
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