Philippine economy grew by 6.5％ in Q2; 6.4％ in first half of 2017

By APD Writer Melo M. Acuna

MANILA, August 17 (APD) – The Philippines’ Gross Domestic Product (GDP) grew by 6.5 percent in the second quarter of 2017 and 6.4 percent in the first half of 2017.

Undersecretary Lisa Grace S. Bersales, in a press conference attended by Socioeconomic Planning Secretary Ernesto M. Pernia said manufacturing, trade, real estate, renting and business activities were the main drivers of growth for the quarter.

“Among the major economic sectors, industry recorded the fastest growth at 7.3 percent,” Bersales said.

She added services slowed down to 6.1 percent compared with its 8.2 percent growth posted in the same quarter of the previous year.

Agriculture recovered with 6.3 percent growth from 2.0 percent decline in the previous year.

In the same briefing, Dr. Bersales, National Statistician and Civil Registrar General, added the Net Primary Income from the Rest of the World (NPI) grew

by 8.6 percent compared with the 6.1 percent growth recorded in the same quarter of 2016.

“As a result, Gross National Income (GNI) posted a growth of 6.8 percent,” she further said.

With the Philippines’ projected population reaching 104.5 million in the second quarter of 2017, per capita GDP grew

by 5.0 percent.

The per capita GNI and per capita Household Final Consumption Expenditure (HFCE) grew by 5.3 percent and 4.4 percent, respectively.

(ASIA PACIFIC DAILY)