PH GDP development slows further to 5.5 percent in Q2

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The economy rose at a slower rate of 5.5 percent in the second quarter, still below the 6 percent rate reported by the Philippine Statistics Authority (PSA) on Thursday.

Growth in gross national product (GDP) during the April to June period was also slower than 6.2 percent published a year ago as government underspending persisted during the first half.

To recall, GDP development in the first quarter dropped to a four-year low of 5.6 percent, primarily because the state was unable to spend P1 billion a day on public goods and services at the beginning of the year.

President Rodrigo Duterte signed the P3.7 trillion 2019 national budget in mid-April as the two congressional houses squabbled over “pork” funds.

This year, the government is targeting GDP growth of 6-7 percent.

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