Philippine GDP hits 11.8% in Q2

The Philippine Gross Domestic Product (GDP) posted a growth of 11.8% in the second quarter of 2021. This was the highest since the fourth quarter of 1988 which posted a growth of 12.0%. The main contributors to the growth, with their corresponding increase, were: Manufacturing, 22.3 percent; Construction, 25.7%; and Wholesale and retail trade; repair of motor vehicles and motorcycles, 5.4%.

Among the major economic sectors, Industry and Services posted positive growths of 20.8% and 9.6%, respectively. Meanwhile, Agriculture, forestry, and fishing posted a contraction of -0.1% in the second quarter of 2021.

On the demand side, Household Final Consumption Expenditure (HFCE) improved by 7.2%, along with the following items: Gross Capital Formation (GCF), 75.5 percent; Exports, 27.0%; and Imports, 37.8%.

On the other hand, the Government Final Consumption Expenditure (GFCE) dropped by -4.9% in the second quarter of 2021.

Net Primary Income (NPl) from the Rest of the World declined by -53.8%. Meanwhile, the Gross National lncome (GNl) posted a growth of 6.6% during the period. (PSA)