PHL economy grows 6.5% in Q2 – PSA

 

The economy grew by 6.5 percent in the second quarter of the year, the Philippine Statistics Authority (PSA) reported on Thursday.

"The gross domestic product or GDP grew year-on-year by 6.5 percent" National Statistician Lisa Grace S. Bersales said in a press briefing in Quezon City.

The main drivers were trade, renting, business, manufacturing, and real estate, activities, Bersales noted. "Services had the highest contribution in the second quarter of 2017," she said.

PSA data showed the services sector grew by 6.1 percent in the quarter, down from 8.2 percent year-on-year. The industry sector was up 7.3 percent, but down from 7.6 percent. The agriculture sector surged by 6.3 percent from a 2-percent decline.

The second quarter output was slightly faster compared with 6.4 percent in the first quarter, but slower compared with 7.0 percent in the second quarter of 2016 – an election year.

Socioeconomic Planning Secretary Ernesto M. Pernia expected the second-quarter GDP to have outperformed the first quarter results

He said fiscal spending and infrastructure spending increased, while agriculture and agriculture exports performed better in the April to June.

"This puts the country as either the second or the third fastest growing major Asian economy next only to China," he said.

"Malaysia and Thailand have not yet released their data but you can expect that they will be lower," he added.

Economic output will continue to tread higher for the rest of the year, the Cabinet official noted.

"We expect all sectors to pick up in the third quarter and the fourth quarter. There will be an acceleration," he said. — VDS, GMA News