The Philippine economy grows 7.4% in the second quarter of 2022

The Philippine economy grows 7.4% in the second quarter of 2022
This content was published on August 09, 2022 – 03:47

Manila, August 9 (EFE). The Philippines’ GDP expanded 7.4 percent year-on-year in the second quarter and is following a path of strong economic growth, driven by consumption, construction and transportation, as published Tuesday by the National Statistics Authority.

However, the Philippine economy grew at a slower pace than the previous quarter, when it increased by 8.2 percent, but exceeded the annual growth forecast projected by the Asian Development Bank (ADB), which expects an acceleration of 6.5 percent in 2022.

Consumption grew 8.6 percent in the second quarter, in contrast to the same period a year earlier, despite rising inflation, which reached 6.4 percent in July.

Imports, for their part, grew by 13.6% year-on-year in the second quarter of 2022, while public spending increased by 11.1% year-on-year in that period.

However, the Philippines’ GDP grew less than expected by many analysts in the country, who had forecast more than 8% growth in this second quarter of the year. EFE

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