poll of 18 economists and analysts last week yielded a median gross domestic product growth estimate of 7.5% for the April-June period, easing from the 8.3% growth in theIf realized, the figure would put average growth at 7.9% in theOfficial second-quarter GDP data will be released on Aug. 9, alongside factory output and international merchandise trade statistics for the month of June.
Mr. Asuncion also noted manufacturing recovery continued in the second quarter, and that overseas Filipino workers’ remittances’ purchasing power remained intact. “Underlying our projection for a quarter-on-quarter contraction is a marked slowdown in the momentum in household spending, a significant pullback in government spending , and a much larger drag from net trade.”
Ms. Velasquez said the second-quarter figure may have received a boost from election spending, the return of business process outsourcing workers to offices and “very favorable” employment rates.
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