Philippine economy grows 6% in 2nd quarter 2018

The Philippine Statistics Authority (PSA) announced on Friday, August 10, 2018 the Philippine economy grew by 6.0 percent in the second quarter of 2018.

PSA said manufacturing, Trade, and Construction were the main drivers of growth for the quarter.

Among the major economic sectors, Services recorded the fastest growth at 6.6 percent.

Industry followed with a growth of 6.3 percent, and Agriculture with a growth of 0.2 percent.

Net Primary Income (NPI) posted a growth of 4.7 percent resulting in the 5.8 percentgrowth of Gross National Income (GNI).

Both NPI and GNI recorded a growth of 6.6 percent in the same quarter of the previous year.

With the country’s projected population reaching 106.2 million in the second quarter of 2018, per capita GDP grew by 4.3 percent.

Per capita GNI and per capita Household Final Consumption Expenditure (HFCE) grew by 4.1 percent and 4.0 percent, respectively.