ECONOMY | Staff Reporter, Philippines

Philippine GDP growth hits 6.5% in Q2

Thanks to higher domestic consumption and government spending.

The Philippines' GDP growth hit 6.5% YoY, stronger than the consensus of 6.4% yoy.

According to OCBC Treasury Research, growth has been ushered in by strong domestic consumption and government spending, exceeding 6% for the eighth consecutive quarter.

Manufacturing growth reached 7.91%, higher than 7.58% in the last quarter, whilst services dipped to 6.05% from Q1's 6.69%.

OCBC said, "Newsflow from the BSP suggest that the central bank stands ready to hike rates if growth overheats. We think this is unlikely this year given fading inflation pressures."

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.