PH economy expands by more than 11% in Q2
MANILA TIMES
AFTER five consecutive quarters of decline, the Philippine economy grew by 11.8 percent in the second quarter of the year, the Philippine Statistics Authority (PSA) reported on Tuesday.
In a briefing, National Statistician Claire Dennis Mapa said this was the highest since the fourth quarter of 1988 which posted a growth of 12 percent.
It was also a turnaround from the -17 percent recorded in the second quarter of last year.
The main contributors to the growth include manufacturing which expanded by 22.3 percent, construction which went up by 25.7 percent, and wholesale and retail trade,repair of motor vehicles and motorcycles which grew by 5.4 percent.
Net Primary Income (NPl) from the Rest of the World declined by -53.8 percent while the Gross National lncome (GNl) posted a growth of 6.6 percent during the period.
Despite the double-digit expansion of the country’s gross domestic product, Mapa said the first half GDP at constant prices, which is at P8.9 trillion, is still down by 6 percent from the pre-pandemic level of P9.4 trillion in the first half of 2019.
It was however higher compared to the P8.6 trillion GDP recorded in the first half of last year.
On a quarter-on-quarter basis, the Philippine economy contracted by 1.3 percent due to the imposition of stricter quarantine measures caused by the spike in corona virus disease 2019 (Covid-19) cases.
