In the second quarter, GDP expanded 5.9% over the same period last year. The reading came in below the 6.3% increase observed in the first quarter (previously reported: +6.4% year-on-year) but above market expectations of a 5.5% expansion. The deceleration in economic growth in the second quarter mainly reflected a decline in inventories, a deceleration in government spending as well as a lower contribution to growth from trade. Private consumption accelerated from a 5.1% increase in the first quarter to a 5.7% rise in the second, while government consumption, on the other hand, decelerated from a hefty 20.9% rise in the first quarter to a 5.9% expansion in the second. Meanwhile, fixed investment expanded 8.5% in the second quarter, well above the 3.9% expansion observed in Q1. Exports of goods and services slowed from a 10.9% increase in the first quarter to an 8.3% expansion in the second. Simultaneously, imports rebounded from a 3.2% contraction in the first quarter to a 4.4% rise in the second. As a result, the external sector's net contribution to overall economic growth fell from 7.2 percentage points in the first quarter to 1.9 percentage points in the second. The government expects growth of between 5.0% and 6.0% in 2012.
Economic growth slows in the second quarter
August 30, 2012
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Philippines Economic News
October 17, 2016
In August, cash remittances from Overseas Filipino Workers (OFW) grew 16.3% from the same month of last year to USD 2.3 billion.
October 13, 2016
The Philippines’ exports declined for the seventeenth consecutive month in August mainly due to weak demand from Japan, Hong Kong and the USA. Exports dropped an annual 4.4%, which followed July’s sharper 13.0% decrease.
October 6, 2016
In September, consumer prices rose 0.2% from the previous month, marginally up from August’s 0.1% increase.
September 22, 2016
At its meeting on 22 September, the Central Bank decided to leave the Overnight Reverse Repurchase facility (RRP) unchanged at 3.00% as the markets had expected.
September 15, 2016
In July, cash remittances from Overseas Filipino Workers (OFW) dropped 5.4% over the same month last year to USD 2.1 billion.