MANILA, Aug 10 — The Philippine economy expanded 4.3 per cent in the second quarter year-on-year, bringing the real gross domestic product (GDP) growth for the first semester to 5.3 per cent, the Philippine Statistics Authority (PSA) said on Thursday.
PSA head Dennis Mapa told a news conference that the wholesale and retail trade, repair of motor vehicles and motorcycles, financial and insurance activities, and transportation and storage fuelled the second quarter growth, reported Xinhua.
National Economic and Development Authority Secretary Arsenio Balisacan said the “moderate economic expansion” in the second quarter growth was fuelled by increases in tourism-related spending and commercial investments but was tempered by high commodity prices, the lagged effects of interest rate hikes, the contraction in government spending and slower global economic growth.
To achieve the government target growth rate of 6 to 7 per cent this year, he said the Philippines’ GDP needs to grow at least 6.6 per cent in the second half of 2023.
The Philippine economy expanded 6.4 per cent in the first quarter of 2023.
The Asian Development Bank (ADB) forecasts the Philippine GDP to grow 6 per cent in 2023 and 6.2 per cent in 2024.
— Bernama-Xinhua
