Philippines GDP Q2 2024 +6.3%

According to data from the Philippine Statistics Authority, the country’s economy grew by 6.3 per cent on a yearly basis in the second quarter of 2024.

The Philippines’ economy expanded by 6 per cent in the first half of 2024, while on a quarterly basis, GDP increased by 0.5 per cent in the April-June period.

The key contributors to growth in the second quarter of 2024 were construction, wholesale and retail trade, and financial and insurance activities.

Among the major economic sectors, industry expanded by 7.7 per cent, and services grew by 6.8 per cent, while the agriculture, forestry, and fishing sector contracted by 2.3 per cent.

On the demand side, household spending was the primary growth driver, rising by 4.6 per cent, government spending increased by 10.7 per cent, gross capital formation by 11.5 per cent, exports of goods and services by 4.2 per cent, and imports of goods and services by 5.2 per cent.

The Philippine government's economic team has projected a growth rate between 6 and 7 per cent and 5.5 per cent for 2024.

The Asian Development Bank forecasts the Philippine economy to grow by 6 per cent in 2024 and 6.2 per cent in 2025.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, with a population of 667 million people and a territory of 4.5 million km². It is currently the third-largest economy in Asia-Pacific and the fifth-largest in the world. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.