Philippine economy surges 6.3% in Q2 2024

Philippine economic growth surged to 6.3% in Q2 2024, up from 4.3% last year, and higher than the 5.8% in Q1, reported National Statistician Dennis Mapa. Economic Secretary Arsenio Balisacan noted this growth places the Philippines among the fastest-growing regional economies, trailing Vietnam but ahead of Malaysia, Indonesia, and China. The industry and services sectors grew by 7.7% and 6.8%, respectively, while agriculture contracted by 2.3% due to El Niño. Household and government consumption expenditures rose by 4.6% and 10.7%, respectively, driven by expanded social programmes. Public construction saw a 21.8% growth. Exports increased by 4.2%, and imports by 5.2%. Balisacan affirmed the government’s commitment to equitable growth, food security, and disaster management while ensuring continued economic progress.