PH matches China’s 7.5% GDP, US revises up to 2.5% for Q2

The Philippines remains the best performing country in Southeast Asia, beating Indonesia, Malaysia and Thailand with its 7.5% GDP in the second quarter. The country is poised to exceed the target of 6 to 7% full year growth for 2013. Driven by the resilient services sector and improvements in manufacturing, Socioeconomic planning secretary Arsenio Balisacan says the Philippines’ April-to-June economic expansion is at par with the growth of regional powerhouse China. Meanwhile, the US economy grows 2.5% in the second quarter, faster than the original estimate of 1.7%. The Commerce Department says stronger consumer spending and exports fueled the boost, while imports grew more slowly than originally estimated.

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