MANILA – The Philippine economy accelerated to a 6.3% growth rate in Q2 2024, up from 4.3% in the same period last year, according to National Statistician Dennis Mapa.
This growth, which also surpasses the 5.8% GDP increase in Q1, positions the Philippines as one of Asia’s fastest-growing economies, following Vietnam.
National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan highlighted that industry and services sectors grew by 7.7% and 6.8%, respectively. However, agriculture, forestry, and fishing contracted by 2.3% due to El Niño.
Household consumption rose by 4.6%, while government spending surged by 10.7%, driven by social protection programs and preparations for the 2025 elections. Public construction grew by 21.8% as infrastructure projects accelerated.
Exports and imports increased by 4.2% and 5.2%, respectively. The government’s focus on food security, disaster management, and high-quality job creation is expected to sustain this growth trajectory, keeping the Philippines on track to meet its 6-7% growth target for 2024.
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