Philippines dodges recession, Q2 GDP up 2.4 pct qtr/qtr

* Economy reverses Q1 GDP fall with 2.4 pct growth in Q2

* Q2 growth higher than market estimates

* Data supports c.bank decision to end easing cycle

MANILA, Aug 27 - Philippine second-quarter gross domestic product data released by the government on Thursday.

KEY DATA

GDP 2009 2008

(in pct) Q2 Q1* Q4 Q3 Q2 Q1

Year/year change 1.5 0.4 2.9 4.6 4.2 3.9

Qtr/qtr change 2.4 -2.1 0.3 0.7 1.7 0.1

NOTE: *First quarter 2009 data is revised or subject to revision.

Quarter on quarter changes are seasonally adjusted.

KEY POINTS:

- According to the median of a Reuters poll this week, the economy grew by a seasonally adjusted 2.0 percent in the second quarter, reversing the previous quarter's 2.3 percent contraction. Seven economists forecast expansions ranging from 0.8 percent to 2.8 percent while five others did not give quarter-on-quarter forecasts. [ID:nMAN105962]

- On an annual basis, growth was expected to have picked up to 0.6 percent in the second quarter, against 0.4 percent in the first quarter, according to the poll. Economists said growth would be helped by strong remittances from overseas Filipinos and government spending on infrastructure and social services.

- The government had expected second-quarter growth to come in between a 0.1 percent contraction and 0.9 percent expansion from a year earlier. [ID:nMNB002449]

- The government expects full-year growth of 0.8 to 1.8 percent this year, the slowest in at least eight years.

- Consumption fuels about three-fourths of the Southeast Asian economy, based on expenditure breakdown. Domestic demand, while soft as consumers scrimped on spending, has offset part of the 32.77 percent merchandise exports decline in the first half amid the global trade collapse.

LINKS

- For details, see the statistical board website http://www.nscb.gov.ph

- For a look at Asia Q2 GDP results.......[ID:nSP518408]

- For Reuters polls on Asian economies....[ID:nSP519874]