The Philippine economy expanded 7.4 percent in the second quarter of the year, according to data released by the government on Tuesday.
Data from the Philippine Statistics Authority (PSA) showed the main contributors to the GDP growth in the second quarter was driven by wholesale and retail trade, construction and transportation and storage.
This growth, Socioeconomic Planning Secretary Arsenio M. Balisacan said, makes the country the second fastest growing economy in the ASEAN after Vietnam.
“Our country’s recovery from its most significant economic and health challenge remains strong due to improved risk management as more social and economic activities have been allowed,” Balisacan said in a briefing.
The PSA said major economic sectors, namely: Agriculture, forestry, and fishing, Industry and Services all posted positive growths in the second quarter of 2022 with 0.2 percent, 6.3 percent, and 9.1 percent, respectively.
On the demand side, Household Final Consumption Expenditure (HFCE) grew by 8.6 percent in the second quarter of 2022. The following items also recorded growths: Government Final Consumption Expenditure (GFCE), 11.1 percent; Gross capital formation, 20.5 percent; Exports of goods and services, 4.3 percent; and Imports of goods and services, 13.6 percent.
Net Primary Income (NPl) from the Rest of the World grew by 64.8 percent bringing the Gross National Income (GNI) to grow by 9.3 percent in the second quarter of 2022.