Philippines’ GDP Growth Stumbles as High Prices, Rates Sting
- Government spending fell 7.1% in second quarter from year ago
- Officials say lower interest rates would bode well for economy
This article is for subscribers only.
The Philippine economy expanded much slower than expected in the second quarter, reeling from the impact of above-target inflation, borrowing costs at a 16-year high and government underspending.
Gross domestic product in the three months through June rose 4.3% from a year earlier, the statistics authority said on Thursday. That’s below all 24 estimates in a Bloomberg survey with a median forecast for 6% and compares with 6.4% growth in the first quarter.