World

Philippine QII economic growth slowest in three years

The Philippine economy slowed in the second quarter to 6 percent from the 6.6 percent recorded in the first quarter, the lowest growth since the third quarter of 2015.
Philippine QII economic growth slowest in three years ảnh 1Buildings under construction in Manila, the Philippines (Photo: AFP/VNA)

Hanoi (VNA) - The Philippine economy slowed in the second quarter to6 percent from the 6.6 percent recorded in the first quarter, the lowest growthsince the third quarter of 2015.

According to the Philippine Statistics Authority (PSA), manufacturing, trade,and construction were the main drivers of growth for the quarter.

Among the major economic sectors, services recorded the fastest growth at 6.6percent. Industry followed with a growth of 6.3 percent, and agriculture with agrowth of 0.2 percent.  

Despite the slower growth in the second quarter, the Philippines remains one ofthe best-performing economies in Asia.

The Philippines targets a growth rate of 7 - 8 percent for the whole year,higher than the predictions of the Asian Development Bank (ADB) and theInternational Monetary Fund (IMF) at 6.8 percent and 6.7 percent, respectively.-VNA
VNA
#Philippine economy #Philippine Statistics Authority #economic sectors of the Philippines #Philippines' growth rate #Vietnamplus #Vietnam News Agency Philippines
Follow VietnamPlus

Related News

Philippines enjoys 5.1 percent rise in trade in May

Philippines enjoys 5.1 percent rise in trade in May

The Philippines' total external trade in goods in May reached 15.22 billion USD, up 5.1 percent from 14.48 billion USD recorded in the same month last year, according to the Philippine Statistics Authority (PSA).

See more

Malaysian Prime Minister Datuk Seri Anwar Ibrahim. (Photo: Bernama)

Malaysia warns of trade wars, tariffs

Malaysian Prime Minister Anwar Ibrahim reaffirmed Malaysia’s commitment to sustainable, inclusive, and equitable growth, as well as its ambition to strengthen its position as a key hub for trade, investment, and technological innovation.

Thai Minister of Commerce Pichai Naripthaphan (Photo: moneyandbanking.co.th)

Thailand, EU accelerate FTA negotiations, aim for December completion

Thailand's exports to the EU totaled 24.2 billion USD, including computers, jewelry, air conditioners, rubber products, and automobiles, while imports from the EU amounted to 19.3 billion USD, mainly comprising machinery, pharmaceuticals, aircraft, chemicals, and electrical equipment.

Thailand expands curbs on illegal goods (Photo: BangkokPost)

Thailand expands curbs on illegal goods

Thai authorities have intensified efforts to combat illegal goods and foreign owned proxy enterprises registered under Thai nationals’ names to protect consumers, ensure fair competition, and curb economic losses, estimated at over 16 billion THB ( 470.5 million USD).

A view of the Khao Yai National Park. (Photo: thaipbs.or.th)

Thailand considers allowing private management of some services in national parks

Minister of Natural Resources and Environment Chalermchai Sri-on said on March 14 that he has visited many national parks in the past several months and discovered that their officials not only have to protect the forests and wildlife from poachers, but also have to provide services to visiting tourists, such as room rentals and food services.

In Bali, Indonesia (Photo: Jakarta Post)

Indonesia to convert waste into fuel, power in 30 big cities

Indonesian Deputy Minister of Energy and Mineral Resources Yuliot Tanjung said each city can produce around 20 megawatts of electricity. The products obtained from waste processing will not be limited to electricity but also include fuel oil, which will be produced using pyrolysis technology.

Illustrative image (Photo: www.sangfor.com)

Malaysia invest in cyber security

Beyond technical measures, Malaysia must focus on developing expertise and raising public awareness to establish a comprehensive and resilient cybersecurity ecosystem.

Students at an elementary school in Jakarta enjoy a free meal provided by the government for the first time. (Photo: asia.nikkei.com)

Indonesia focuses on school nutrition

The programme benefits over 2 million students from various educational levels, and supports over 27,000 individuals, including Islamic boarding school students, special school students, toddlers, pregnant women, and breastfeeding mothers.

Illustrative photo (Photo: yearofthedurian.com)

Thailand uses durian peel to make animal feed

This approach enhances value, reduces agricultural waste that could cause environmental pollution, and minimises agricultural residue burning – one of the key contributors to PM 2.5 air pollution.

A corner of Vientiane capital of Laos. (Photo: VNA)

Laos to streamline organisational apparatus

The adjustment is intended to enable one ministry and organisation to manage multiple tasks and sectors. At the same time, specific authority and responsibility should be delegated between ministries, organisations and related local departments.