Economy defies concerns, surges by 6.5%
THE Palace on Thursday welcomed results of the latest Philippine Statistics Authority report showing the economy growing by 6.5 percent in the second quarter of the year.
“We welcome this morning’s announcement by Socioeconomic Planning Secretary Ernesto M. Pernia of the National Economic and Development Authority [NEDA], that our gross domestic product [GDP] grew by 6.5 percent in the second quarter of 2017. This figure, which falls within the full-year target growth of our economic managers, puts us as one of the fastest growing major economies in Asia,” Presidential Spokesman Ernesto Abella said.
“Indeed, our growth momentum is on track,” he added, expressing optimism that the economy could sustain its pace for the rest of the year.
National Statistician Lisa Grace S. Bersales noted the growth in household consumption at 5.9 percent while government consumption expanded by 7.1 percent from 0.1 percent, showing a marked improvement in the absorptive capacity of government agencies.
Several sectors grew in the second quarter of the year, including the industry sector at 7.3 percent; the services sector at 6.1 percent and the agriculture sector by 6.3 percent.
The GDP expansion during the April to June period was slightly faster than the 6.4 percent in the first quarter.
For 2017, the government targets 6.5 to 7.5 percent GDP growth.
The Philippine Statistics Authority said agricultural growth was notable, rebounding from a 2-percent decline in 2016.