Philippines Q2 GDP grows 2.3% yr/yr, slower than expected
- Annual inflation slowed for a third straight month in July to 6.2% from 6.4% in June, due to a slower increase in transport costs
MANILA: The Philippine economy grew 2.3% in the second quarter from a year earlier, the statistics agency said on Friday, slower than expected.
Economists in a Reuters poll had expected the economy to grow 2.8% year-on-year in the second quarter, which would have matched the first-quarter growth rate.
On a seasonally adjusted quarter-on-quarter basis, the economy grew 0.6% in the April-June period, down from 0.9% in the previous quarter.
Annual inflation slowed for a third straight month in July to 6.2% from 6.4% in June, due to a slower increase in transport costs.
China’s July exports climb 23.9% y/y, imports up 27.5%
In June, the government cut this year’s growth forecast to 3.5% to 4.5% due to the Middle East crisis and an infrastructure-related corruption scandal that slowed government spending.
The budget planning committee has set a GDP growth target of 5% to 6% for 2027 to 2030.
Reporting by Mikhail Flores and Nestor Corrales; Editing by John Mair
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