It said in a report real household spending in the country would grow by 5.5 percent year-on-year in 2023, as consumer confidence showed recovery from an all-time low reported in the second quarter of 2020.
BMI said inflationary forces would remain elevated across 2023, but nominal income growth was expected to outpace inflation, which would ensure real income growth for consumers, giving greater propensity for spending. This recovery was fueled by an improving employment landscape and the continuous recovery of the economy post-pandemic. Consumer confidence for the next 12 months also improved to 22.7 from 21.7 previously.
BMI said its forecast for real consumer spending in the Philippines was in line with its country risk team’s forecast that the Philippines’ real GDP growth would decelerate from 7.6 percent in 2022 to 5.9 percent in 2023.
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