Philippine economy rises by 6.3% YoY in Q2

The Philippine economy continued its robust growth trajectory, with the Gross Domestic Product (GDP) expanding by 6.3 per cent year-on-year in the second quarter of 2024.

This positive performance was driven primarily by the construction sector, which surged by 16.0 per cent, followed by wholesale and retail trade at 5.8 per cent, and financial and insurance activities at 8.2 per cent.

Both the industry and services sectors contributed significantly to overall growth, expanding by 7.7 per cent and 6.8 per cent, respectively. However, the agriculture, forestry, and fishing sector contracted by 2.3 per cent.

On the expenditure side, household consumption remained a key driver of growth, increasing by 4.6 per cent.

Government spending also expanded by 10.7 per cent, while gross capital formation rose by 11.5 per cent. Exports of goods and services grew by 4.2 per cent, and imports increased by 5.2 per cent.

Reflecting the strong economic performance, Gross National Income (GNI) climbed by 7.9 per cent year-on-year.

Attribution: Philippine Statistics Authority (PSA) report