Philippinen BIP Veränderung zum Vorjahr

The Philippines GDP expanded 6.3% year-on-year in the second quarter of 2024, accelerating from an upwardly revised 5.8% growth in the previous period and beating market forecasts of 6.2%. It marked the fastest economic expansion since the first quarter of 2023, driven by a sharp increase in government spending (10.7% vs 1.7% in Q1) and fixed investments (9.5% vs 2.1%). Meanwhile, the growth for household consumption was unchanged during the quarter (4.6%). Net trade contributed negatively to the GDP, as imports advanced 5.2% (vs 2.2%), while exports rose at a softer 4.2% (vs 8.4%). On the production side, growth accelerated for the industry (7.7% vs 5.1%), while it slightly moderated for services (6.8% vs 6.9%), and output declined for agriculture, forestry & fishing (-2.3% vs 0.5%). The government is expecting that the economy will grow between 6% to 7% this year.