The Philippine economy recorded a robust growth rate of 6.3% in the second quarter of 2024 as the government lifted spending, but headwinds such as inflation remain.
The Philippine economy experiences a robust growth rate of 6.3% in the second quarter of 2024, making it the highest expansion since the 6.4% in last year. (Photo: business.inquirer.net)
Hanoi (VNA) - The Philippine economy recorded a robust growth rate of 6.3% in the second quarter of 202꧋4 as the government lifted spending, but headwinds such as inflation remain.
The above-mentioned growth beat the 6.2% growth forecast in a Reuters poll of economists and was quicker than the 5.8% expansion in the first quarter of the year.
Among the components that make up the overall gross domestic product (GDP) figures, government expenditure grew 10.7% year-on-year thanks to ambitious infrastructure projects, defence equipment upgrades and preparations for the upcoming 2025 midterm polls.
Household spending, which accounts for 70% to 80% of GDP, rose 4.6% year-on-year in the reviewed period.
Despite the fastest quarterly growth rate in the last five quarters, Secretary of Socioeconomic Planning Arsenio Balisacan told reporters on August 7 that household spending in the period was weak with growth not as strong as expected, as consumers felt the lagging effects of higher interest rate hikes and high inflation.
The key policy rate of the Bangko Sentral ng Pilipinas currently stands at 6.5%. The consumer inflation rate rose to 4.4% in July, above the central bank's target range of 2-4%.
Ahead of the release of the quarterly figures, the Philippine Statistics Authority on August 7 revised the January-March growth rate to 5.8%, up from the previously announced 5.7%, based on upward revisions in financial activities and wholesale and retail sales, among other factors.
The country's GDP growth averaged 6% in the past two quarters. If this trend continues, the Philippine economy could reach its growth target of 6-7% this year, making it one of the fastest-growing economies in Southeast Asia./.
The Philippine tourism sector gained more than 4.83 billion USD in revenue in the first half of 2024, up 32.81% from the same period last year, the Department of Tourism (DOT) said on July 11.
The Philippines' annual inflation rate decelerated to 3.7% in June from 3.9% in May due to the easing of energy and transport costs, the country’s Statistics Authority (PSA) said on July 5.
The Philippines, one of the world's largest rice buyers and biggest importers of the Vietnamese grain, officially announced a reduction in rice import taxes from 35% to 15%, effective in early August this year and lasting until 2028.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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