The domestic economy, as measured by the country’s gross domestic product (GDP), grew 11.8 percent in April to June, a reversal of the 17 percent contraction registered in the same period last year, the Philippine Statistics Authority (PSA) reported.
ECONOMIC PERFORMANCE OF THE PHILIPPINES Second Quarter 2021
At Constant 2018 Prices
source image: PSA
The economy has turned back into growth mode as expected in the second-quarter of the year on the back of low base effects, the PSA data showed Tuesday, August 10.
The second-quarter GDP has been hailed as the Philippines’ strongest performance in more than two-decades and marked the end of five consecutive quarters of negative growth.
Moreover, last quarter’s GDP is a turn around from minus 3.9 percent seen in the first three-months of the year. The record performance brought the first-semester GDP at 3.95 percent.
The government expects full-year economic growth to come in between 6.0 percent and 7.0 percent.