GDP contracted by a smaller margin of 0.5% yoy in 1Q21, broadly in line with forecasts, driven by manufacturing uptrend, smaller drags in other sectors. Impact from MCO 2.0 was not as severe as feared, though positives are negated by reinstatement of MCO 3.0. 2021F GDP forecast intact at 5.7%. CA surplus narrowed to 3.3% of GDP in 1Q21, amid recovery in domestic demand, while BOP gains spurred by 4.3% of GDP financial account surplus.
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