The second quarter gross domestic product (GDP) growth placed well within the government’s 6 to 7 per cent target for the year, making it the highest expansion since the 6.4 per cent last year. - JMS
MANILA: The Philippine economy grew by 6.3 per cent in the second quarter of the year, accelerating from the revised 5.8 per cent growth in the previous quarter as the government spending surged, the Philippine Statistics Authority (PSA) reported Thursday (Aug 8).
The second quarter gross domestic product (GDP) growth placed well within the government’s 6 to 7 per cent target for the year, making it the highest expansion since the 6.4 per cent in last year.
This was also faster than the 6 per cent average forecast in an Inquirer poll of 11 economists conducted last week.
The PSA attributed the expansion from the construction which grew by 16 per cent. Trailing behind are wholesale and retail trade; repair of motor vehicles and motorcycles at 5.8 per cent and financial and insurance activities which expanded by 8.2 per cent.
In terms of demand, household final consumption stood at 4.6 per cent, slower than the 5.5 per cent in the April-to-June period a year ago.
Meanwhile, state spending surged by 10.7 per cent from 1.7 per cent in the previous quarter and bounced back from the 7.1 shortfall last year.
This was the highest growth since the 11.1 per cent in the second quarter of 2022.
Gross capital formation, the investment component of the economy, accelerated by 11.5 percent from 0.5 percent.
Net primary income from the rest of the world placed at 24.7 per cent, easing from 57.6 per cent in the previous quarter. - Philippine Daily Inquirer/ANN
