Philippine QII economic growth slowest in three years

09:56 | 13/08/2018 Global Economy

The Philippine economy slowed in the second quarter to 6 percent from the 6.6 percent recorded in the first quarter, the lowest growth since the third quarter of 2015.

The Philippine economy experiences the lowest growth since the 3rd quarter of 2015

According to the Philippine Statistics Authority (PSA), manufacturing, trade, and construction were the main drivers of growth for the quarter.

Among the major economic sectors, services recorded the fastest growth at 6.6 percent. Industry followed with a growth of 6.3 percent, and agriculture with a growth of 0.2 percent.

Despite the slower growth in the second quarter, the Philippines remains one of the best-performing economies in Asia.

The Philippines targets a growth rate of 7 - 8 percent for the whole year, higher than the predictions of the Asian Development Bank (ADB) and the International Monetary Fund (IMF) at 6.8 percent and 6.7 percent, respectively.

Theo VNA