READ: Philippine economic growth slows down further at 4.3% in Q2 2023
The Philippine economy continued its downtrend as it grew at a slower pace in the second quarter of 2023 — its slowest pace in nine quarters since the country entered the positive territory in the middle of 2021 following a pandemic-induced recession, the Philippine Statistics Authority reported on Thursday.
The economy, as measured by gross domestic product or the total value of goods and services produced in a specific period, grew by 4.3% during the April to June 2023 period. This is slower than the 6.4% growth rate seen in the first quarter of the year and far slower than the 7.5% GDP growth seen in the same quarter last year.
This also marks the fifth straight month of deceleration for the country’s GDP, and its slowest footing in nine quarters since it exited the pandemic-induced recession in the second quarter of 2021.To achieve the government’s 6% to 7% target, National Economic and Development Authority Secretary Arsenio Balisacan said the economy “needs to grow by 6.6% in the second half.”
“Notwithstanding the challenges, we believe this is still attainable,” Balisacan said, reading the joint statement of the economic team.
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