The Philippine economy grew 2.3 per cent year-on-year in the second quarter, a rate slower than expected.
Economists in a Reuters poll had expected the economy to grow 2.8 per cent year-on-year in the second quarter, a figure that would have matched the growth rate seen in the first quarter.
Philippine GDP growth in the second quarter
On a seasonally adjusted quarter-on-quarter basis, the economy grew 0.6 per cent in the April-June period, down from 0.9 per cent in the previous quarter.
Inflation and Growth Forecasts
Annual inflation in the Philippines slowed for a third consecutive month in July, reaching 6.2 per cent from 6.4 per cent in June. This slowdown was driven by a slower increase in transport costs.
In June, the Philippine government cut its growth forecast for this year to a range of 3.5 per cent to 4.5 per cent. The government cited the Middle East crisis and an infrastructure-related corruption scandal that slowed government spending as reasons for the cut.
The budget planning committee has set a GDP growth target of 5 per cent to 6 per cent for the period of 2027 to 2030 in the Philippines.
