Philippine economy slows down to 6% in Q2 2018

Economists say the country’s gross domestic product could’ve been better if not for high inflation.

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Manila, Philippines – The Philippine economy slowed down to 6% during the 2nd quarter of the year, the Philippine Statistics Authority (PSA) said on Thursday, August 9.

The gross domestic product (GDP) from April to June 2018 is lower than the revised 1st quarter figure of 6.6%. The growth is also slower than the 6.7% recorded during the same period last year.

The GDP is used by various agencies and experts to track the country’s growth. The figure accounts for all the finished goods and services produced within the country in a specific period.

Economic managers are gunning for GDP under President Rodrigo Duterte’s term to hit an average of 7% or above.

Socioeconomic Planning Secretary Ernesto Pernia previously said the GDP would have been better if not for “spoiler” inflation.

Moody’s Analytics forecasted the slowdown of the GDP due to inflation hitting a 5-year high and breaching the target range of 2% to 4%.

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