Philippine GDP Growth Improves To 5.5%

(RTTNews) - The Philippine economic growth improved somewhat in the second quarter, thanks to increased household consumption amid easing inflation, the Philippine Statistics Authority reported on Thursday.

Gross domestic product grew 5.5 percent year-on-year in the second quarter, which was slightly faster than the 5.4 percent rise in the first quarter.

All major economic sectors, namely agriculture, forestry, and fishing, industry, and services, posted annual growths in the second quarter with 7.0 percent, 2.1 percent, and 6.9 percent, respectively.

The expenditure breakdown showed that household consumption rose 5.5 percent from last year amid slowing inflation, and government final consumption expenditure grew 8.7 percent. Gross capital formation advanced 0.6 percent, and both exports and imports climbed by 4.4 percent and 2.9 percent, respectively.

On a quarterly basis, the economic growth accelerated to 1.5 percent from 1.2 percent.