Philippines’ GDP Growth Slows Down to 4.3% in Q2 2023
Manila – The Philippines’ gross domestic product (GDP) grew by 4.3 percent in the second quarter of 2023, according to the Philippine Statistics Authority. This marks a slowdown from the 7.5 percent growth recorded in the same period last year and the 6.4 percent growth in the first quarter of this year.
National Statistician Dennis Mapa stated in a press briefing that all three major economic sectors contributed to the growth. The industry sector grew by 2.1 percent, the services sector grew by 6 percent, and the agriculture, forestry, and fishing sector grew by 0.2 percent.
The main contributors to the second-quarter growth were wholesale and retail trade, which grew by 5.3 percent, financial and insurance activities, which grew by 5 percent, and transportation and storage, which grew by 17.3 percent.
Secretary Arsenio Balisacan of the National Economic and Development Authority expressed that the first-semester growth was pegged at 5.3 percent. In order to achieve the target growth rate of 6 percent to 7 percent for the year, the country’s GDP needs to grow by at least 6.6 percent in the second half of 2023. Balisacan remains optimistic that this target is still attainable despite the challenges.
This news comes as the Philippines continues to navigate the economic impact of the ongoing pandemic and looks for ways to stimulate growth in various sectors.
Local authorities and economists will closely monitor the GDP performance in the coming months to assess the country’s economic recovery and the effectiveness of government initiatives aimed at revitalizing the economy.
