PH GDP growth slowed to 4.3% in Q2 2023

MANILA  -The Philippines’ gross domestic product (GDP) grew by 4.3 percent in the second quarter of 2023, slowing down from 7.5 percent in the same period last year and 6.4 percent in the first quarter this year, according to the Philippine Statistics Authority.

National Statistician Dennis Mapa said in a press briefing that the all three major economics sectors posted growth — industry (2.1 percent ), services (6 percent); and agriculture, forestry and fishing (0.2 percent ).

Map said the main contributors to the second-quarter growth were the activities of wholesale and retail trade (growing by 5.3 percent ); financial and insurance activities (5 percent ); and transportation and storage (17.3 percent ).

Secretary Arsenio Balisacan of the National Economic and Development Authority said first-semester growth was pegged at 5.3 percent .

“To achieve the target growth rate of 6 percent -7 percent for the year, the country’s GDP needs to grow by at least 6.6 percent in the second half of 2023,” Balisacan said. “Notwithstanding the challenges, we believe this is still attainable.”