Key facts
- The Philippine economy grew 2.3% year-on-year in the second quarter.
- Economists had forecast 2.8% growth for the second quarter.
- Quarterly growth in the Philippines slowed.
- The government revised its full-year economic forecast downwards.
The Philippine economy experienced a year-on-year growth of 2.3% during the second quarter. This expansion fell short of the 2.8% growth that economists had predicted. The quarterly growth rate also showed a deceleration compared to previous periods. In response to these figures and the observed slowdown, the government has revised its full-year economic forecast downwards. This adjustment indicates a more cautious outlook for the country's economic performance for the remainder of the year, acknowledging the challenges that contributed to the slower-than-expected second-quarter results.