Philippine Economy Posts 5.6% Growth in Q2
Manila, Philippines—Philippines Gross National Product (GDP) “grew year-on-year by 5.6 percent in the second quarter of 2015,” according to the Philippine Statistics Authority (PSA). That figure is lower than the 6.7 percent posted in the same period last year, but higher than the 5 percent posted in the first quarter of this year.
The second quarter growth is attributed to the positive economic performances coming from trade, real estate, manufacturing, and construction sectors.
Gross National Income (GNI), on the other hand, grew 5 percent from 6.9 percent in the same period last year. Apparently, the slowdown in Overseas Filipino Workers (OFW) deployment pulled down the net primary income to 2.2 percent from 7.9 percent last year.
In a report, PSA said, “With the country’s projected population reaching 101.4 million in the second quarter of 2015, per capita GDP grew by 3.8 percent from 4.9 percent of the same quarter of 2014; per capita GNI grew by 3.3 percent and per capita Household Final Consumption Expenditure (HFCE) grew by 4.4 percent from last year’s growth of 5.1 percent and 3.9 percent, respectively.”