Philippines Economy Witnesses more than Expected Growth in 2nd Quarter

Philippines Economy Witnesses more than Expected Growth in 2nd Quarter

The National Statistical Coordination Board unveiled that the economy of Philippines has witnessed more than expected growth in the second quarter. As per the board, majority of the credit should be given to the rise in foreign demand.

Economists expected the gross domestic product for the second quarter to show 6.1% growth. The actual figure turned out to be 6.4% year-on-year growth in GDP. But the first quarter growth was less when compared to the same period last year. The first quarter growth this year was 5.6% and in the same period last year, the growth was 7.9%.

Economic Planning Secretary Arsenio Balisacan is quite hopeful that they will be able to meet the full-year growth target of 6.5-7.5%. "However, we are aware that market players are still looking for more positive signals, in particular the public sector's key role in infrastructure spending and consumption of non-durables", affirmed Arsenio.

Experts shared that industrial sector growth has led to the expansion of the economy in the second quarter. It increased 7.8% year-on-year in the second quarter, which was more than 5.3% growth seen in the first quarter.

Agriculture sector also saw a significant growth from 0.2% decline in the second quarter in 2013 to 3.6% this time. Service sector witnessed a decline, as its first quarter growth was 6.8% and the second quarter growth settled at 6%.

Exports and household spending was strong, but investment has reduced. In comparison to last year, household spending advanced 5.3%. Exports increased 10.3% and imports jumped 1.4% in the second quarter. On the other hand, investment sector was down 2.4%.

Looking ahead, Gareth Leather, an Asia economist at Capital Economics, stated that exports and domestic demand seems to getting stronger. He is expecting that economy will gain momentum in the second half of 2014.

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