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The Philippine economy grew 6.3% in the second quarter of 2024, faster than the adjusted 5.8% growth in the first quarter of the year
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The second quarter GDP growth was also higher than the 4.3% growth in the same quarter last year, and brings real GDP growth to 6% for the first half of the year
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The improvement keeps the economy on track to achieve the government’s target growth rate of 6%-7% for 2024
The Philippine economy grew 6.3% in the second quarter of 2024, faster than the adjusted 5.8% growth in the first quarter of the year.
The second quarter gross domestic product (GDP) growth was also higher than the 4.3% growth in the same quarter last year, bringing real GDP growth to 6% for the first half of the year.
The improvement keeps the economy on track to achieve the government’s target growth rate of 6%-7% for 2024.
For Asian economies that have released their second quarter 2024 GDP growth, the Philippines follows Vietnam’s 6.9% growth, and ahead of Malaysia’s 5.8%, Indonesia’s 5%, and China’s 4.7%.
Socioeconomic planning Secretary Arsenio Balisacan said the Philippine economy “has sustained its robust growth trajectory, demonstrating resilience amid various domestic and external challenges.”
Among the major economic sectors, industry and services posted year-on-year solid growth in the second quarter, at 7.7% and 6.8%, respectively.
The agriculture sector, however, experienced a year-on-year decline of 2.3%, with the sector adversely affected by the El Niño phenomenon.
On the demand side, the acceleration in GDP growth was driven by a significant increase in total investments by 11.5%, fueled by robust construction activities.
Public construction sustained double-digit growth (21.8% from 12.1%) as the government’s infrastructure agencies expedited the rollout of construction and rehabilitation projects.
Private construction likewise accelerated to 9.9% from 5.3%, particularly commercial construction at 13.6%.
Meanwhile, the notable increase in government final consumption expenditure by 10.7% was mainly driven by the timely implementation and expanded coverage programs of various social protection, health, and education programs, coupled with the preparatory activities for the 2025 national and local elections.
READ: PH economy expands 5.7% in Q1
