PH economy expanded by 7.4% in Q2
The Philippines’ Gross Domestic Product (GDP) was up 7.4% year-on-year during the second quarter, lower than Q1’s 8.2%, according to the Philippine Statistics Authority (PSA).
In the agency’s latest data, the expansion is mainly due to a more relaxed COVID-19 alert level in the country and the total spending during the national elections in May.
Despite the slower figure, Socio-Economic Planning Secretary Arsenio Balisacan said that the economy is doing “relatively well” and is still in line with this year’s target for growth in full-year GDP of 6.5% to 7.5%.
Balisacan attributed the second-quarter slowdown to weak agricultural production amid high input costs and to easing growth in manufacturing, which he said might also be partly due to inflationary pressures.
President Ferdinand Marcos Jr. aims to grow the economy between 6.5% and 7.5% this year. His target, which comes on the back of accelerating inflation, is slightly lower than a goal set by his predecessor Rodrigo Duterte’s economic team.
Marcos Jr. also vowed to prioritize reforming the agriculture sector amid fears of food shortages due to the Ukraine war.
