Philippine economy grows slower to 7.4% in Q2

Quarter-on-quarter, the economy saw a contraction of 0.1%.

Nonetheless, he said the global headwinds and inflation are already taken into consideration in the economic managers’ target of 6.5% to 7.5% growth for the entire year. The country’s chief economist cited the deceleration in the manufacturing sector growth to 2.1% from 22.4% in the same quarter last year.

Agriculture, forestry, and fishing contributed 0.02 percentage points to the 7.4% second quarter GDP growth. On the demand side, household final consumption expenditure grew by 8.6% in the second quarter; government final consumption expenditure rose 11.1%; gross capital formation up 20.5%; exports of goods and services increased by 4.3%; and imports of goods and services climbed by 13.6%.Balisacan said the “timely changes in COVID-related policies, such as easing alert levels, removing tourism restrictions, and accelerated vaccine rollout, helped increase economic activities.

The NEDA chief said the full reopening of the economy will indeed generate more income-earning opportunities.

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