The Philippine economy likely grew 6.3 percent in the second quarter, faster than the 5.7-percent expansion in the first quarter, Moody’s Analytics said Monday.
Moody’s said the second-quarter gross domestic product growth was driven by base effects, stronger exports and government spending.
“In the Philippines, we expect economic growth to accelerate to 6.3 percent year-on-year from 5.7 percent in the March quarter. The result will be flattered by a low base effect,” Moody’s Analytics said.
“A year earlier, growth slowed substantially to 4.3 percent, and in quarter-on-quarter terms, GDP went backwards. This time, robust goods exports and government spending should drive growth,” Moody’s said.
The Philippine Statistics Authority (PSA) is scheduled to release the second-quarter GDP figures on Aug. 8, 2024.
The National Economic and Development Authority (NEDA) also said the economy likely sustained the strong growth in the second quarter.
The government expects the economy to growth between 6 percent and 7 percent in 2024.
