QUEZON CITY, MANILA – The Philippine economy has recorded a faster growth rate in the second quarter of 2024, surpassing the growth rates of the past five quarters.
According to the Philippine Statistics Authority and the National Economic and Development Authority, the country’s economy grew by 6.3% in the second quarter of 2024.
The construction industry, wholesale and retail trade; repair of motor vehicles and motorcycles, and financial and insurance activities were the main drivers of the economy’s robust growth.
Among the major economic sectors, industry grew by 7.7%, while services expanded by 6.8%. However, the agriculture, forestry, and fishing sector contracted by 2.3%.
Gross National Income also increased by 7.9%, and net primary income from the rest of the world rose by 24.7%.
But according to the Economic Secretary, while the Philippine economy is performing well, Filipinos will only truly feel the benefits if inflation, particularly in the agriculture sector, is controlled.
“While these numbers are encouraging, our growth performance could have been even more impactful on all Filipinos if not for the high inflation and interest rates that the country experienced in the last two years,” Balisacan said.
Balisacan added that to sustain the economy’s growth, the investment climate must be improved, the ease of doing business must be addressed, and rapid policy changes that cause economic instability must be avoided.
READ: INFLATION IN THE PHILIPPINES SPEEDS UP TO 3.9% IN MAY — PSA