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The Philippine economy posted a faster growth rate in the second quarter of 2024 —marking its fastest footing in five quarters— on the back of strong consumption activities during the period, the Philippine Statistics Authority reported on Thursday.At a press conference, PSA chief and National Statistician Claire Dennis Mapa said the country’s gross domestic product —the total value of goods and services produced in a period— grew by 6.3% in the April to June 2024 period.
7% expansion and services with 6.8%, while the agriculture, forestry, and fishing sector declined by 2.3%.Household spending was the major growth driver on the demand side, up 4.6%. Government spending increased by 10.7%, gross capital formation by 11.5%, exports of goods and services by 4.2%, and imports of goods and services by 5.2%.The gross national income increased by 7.9%, while net primary income from the rest of the world rose by 24.7%.
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