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Philippine Economic Growth Slower at 7.4% in Second Quarter of 2022

Industries are expanding.
by Arianne Merez
3 days ago
Photo/s: Maria Tan, Agence France-Presse

The Philippine economy grew 7.4% in the second quarter, authorities said Tuesday, slower than the first quarter expansion.

The country's gross domestic product from April to June grew by 7.4%, slower than the 8.2% economic growth rate reported in the first quarter of the year.

The latest figure marks the fifth consecutive quarter of growth for the Philippine economy since the 2020 lockdowns that prevented many industries from operating.

Major economic sectors agriculture, fishing, industry and services, and forestry all grew in the second quarter too, national statistician Dennis Mapa said.

Economic managers have estimated the economy to grow between 6.5 to 7.5% this year, lower than the initial expectation of between 7 to 8% as Filipinos cope with high inflation.


Food, Transport Prices Drive July Inflation to 6.4%

Gen Z, Young Millennials Spending Help Drive Economic Growth: Finance Chief

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