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Philippine Economic Growth Slows to 7.4% as Inflation Bites

  • Consumer spending fell 2.7% in 2Q versus prior quarter
  • Slower growth puts central bank’s tightening pace in spotlight
A customer at a supermarket in Metro Manila in July. 

A customer at a supermarket in Metro Manila in July. 

Photographer: Veejay Villafranca/Bloomberg
Updated on

The Philippines’ economic expansion was slower-than-expected in the second quarter as the fastest inflation in almost four years hurt consumption, which is a key growth driver. 

Gross domestic product grew 7.4% in the three months through June from a year ago, the Philippine Statistics Authority said Tuesday, slowing from 8.2% in the first quarter and compares with an 8.4% median estimate in a Bloomberg survey.