Philippines’ Q2 economy grows 7%
During a news conference in Davoa city, Socioeconomic Planning Secretary Ernesto Pernia remarked that the growth rate is in line with market expectations of 6.1 to 7.2%. He also stated that investments accounted for 5.7% of the GDP growth, which is the highest contribution followed by industry.
Pernia reported that domestic demand growth increased 12.3% after recording 12% in the first quarter while external demand growth weakened due to the deceleration on exports of goods and services to around 6.6%. On the contrary, imports of goods increased 22.9% given the larger purchases of capital and durable goods, which is a signal of growing investments by companies.
Pernia also stated that the industry sector rose by 6.9% and posted a higher rate than last year’s 6.1% on the back of manufacturing, construction and utilities. The services sector also witnessed an 8.4% growth rate supported by increases in trade, transport, communication, public administration and real estate, renting and business activities.
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