Illustrative image (Source: rappler) Hanoi (VNA) – The Philippine Statistics Authority(PSA) reported on August 8 that the gross domestic product (GDP) growth slowedto 5.5 percent in the second quarter, its slowest pace in four years.
Economic Planning Secretary Ernesto Pernia blamed the delayin the passage of this year's government budget and election ban for the dulleconomic performance during the period.
The PSA said the main drivers of growth for the quarter weretrade, repair of motor vehicles, motorcycles, personal and household goods,manufacturing, and other services.
Among the major economic sectors, PSA said services recordedthe fastest growth with 7.1 percent. Industry registered a growth of 3.7 percentwhile agriculture, hunting, forestry and fishing expanded by 0.6 percent.
Pernia said the April-June growth is the Philippines' lowestgrowth outturn in 17 quarters, meaning that the country will have to grow by anaverage of at least 6.4 percent in the second half to reach the full-yeartarget of 6-7 percent in 2019.
He also added that the El Nino phenomenon and its impact on water-sensitivecrops like rice and corn is also to blame.
El Nino phenomenon’s impact on water supply, particularly inMetro Manila, was so severe that adversely affected consumer confidence,resulting in a slowdown in household consumption, growing by 5.6 percent in thesecond quarter, compared with 6.2 percent in the first quarter.-VNA
Economic Planning Secretary Ernesto Pernia blamed the delayin the passage of this year's government budget and election ban for the dulleconomic performance during the period.
The PSA said the main drivers of growth for the quarter weretrade, repair of motor vehicles, motorcycles, personal and household goods,manufacturing, and other services.
Among the major economic sectors, PSA said services recordedthe fastest growth with 7.1 percent. Industry registered a growth of 3.7 percentwhile agriculture, hunting, forestry and fishing expanded by 0.6 percent.
Pernia said the April-June growth is the Philippines' lowestgrowth outturn in 17 quarters, meaning that the country will have to grow by anaverage of at least 6.4 percent in the second half to reach the full-yeartarget of 6-7 percent in 2019.
He also added that the El Nino phenomenon and its impact on water-sensitivecrops like rice and corn is also to blame.
El Nino phenomenon’s impact on water supply, particularly inMetro Manila, was so severe that adversely affected consumer confidence,resulting in a slowdown in household consumption, growing by 5.6 percent in thesecond quarter, compared with 6.2 percent in the first quarter.-VNA
VNA
