Economic Growth in the Philippines Exceeds 6% for Eighth QuarterBy and
The Philippines’ economy grew faster than 6 percent for an eighth consecutive quarter, underscoring the nation’s resilience as domestic and global challenges mount.
- Gross domestic product increased 6.5 percent in the second quarter from a year earlier, the Philippine Statistics Authority said in Manila Thursday, after expanding 6.4 percent in the first quarter
- The median estimate of 19 economists surveyed by Bloomberg was for growth of 6.4 percent
The Philippines, already one of the world’s fastest-expanding economies, is being buoyed by strong domestic demand and President Rodrigo Duterte’s planned spending on roads, railways and ports. The International Monetary Fund sees the Southeast Asian nation’s economy growing about 6.8 percent over the medium term.
Risks are mounting though. A surge in imports may see the nation post its first current-account deficit in 15 years, while the peso has slumped to an 11-year low. The government is also fighting a political insurgency in the restive Muslim-majority south, putting pressure on the budget and adding to investor uncertainty.
- Consumer spending, which makes up about 70 percent of GDP, gained 5.9 percent from a year earlier
- Government spending rose 7.1 percent
— With assistance by Clarissa Batino, Norman P Aquino, and Ditas B Lopez