The PSA revised the GDP growth rate for the first quarter of 2024 to 5.8 percent from 5.7 percent on Wednesday night.
In a press conference, National Economic and Development Authority Secretary Arsenio Balisacan said the Philippines' "robust growth trajectory" in the April-June quarter "demonstrates resilience amid various domestic and external challenges."
According to the PSA, among the major economic sectors, industry and services posted year-on-year solid growth in the second quarter, at 7.7 percent and 6.8 percent, respectively. However, the agriculture sector experienced a 2.3 percent year-on-year decline due to the adverse effects of the El Nino phenomenon.
On the demand side, Balisacan said the acceleration in GDP growth was driven by a significant increase in total investments by 11.5 percent, fueled by robust construction activities. "Encouragingly, private construction likewise accelerated, particularly commercial construction," he added.
"Amid evolving risks and challenges, the Philippines' economic outlook remains promising in the near and medium term," Balisacan said.
The Philippine government's economic team forecasts a 6-7 percent GDP target for 2024, 6.5-7.5 percent in 2025, and 6.5-8 percent in 2026 up to 2028.
The Asian Development Bank forecasts Philippine economic growth at 6 percent this year, further picking up at 6.2 percent in 2025.
Latest comments