09.08.201800:28:00UTC+00Philippine GDP Growth Eases In Q2

Philippine economic growth eased in the three months ended June, figures from the Philippine Statistics Authority showed Thursday.

Gross domestic product advanced 6.0 percent year-over-year in the second quarter, slower than the 6.6 percent rise in the first quarter, which was revised down from a 6.8 percent spike reported earlier.

Economists had expected the growth to slow to 6.6 percent.

In the corresponding period last year, the rate of expansion was also 6.6 percent.

Among the major economic sectors, services recorded the fastest growth by 6.6 percent, followed by industry with 6.3 percent rise. Meanwhile, agriculture registered a moderate increase of 0.2 percent.

On quarterly basis, GDP rose a seasonally adjusted 1.3 percent in the June quarter versus the expected growth of 1.7 percent.