PH economy grows 6.5% in Q2

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PH economy grows 6.5% in Q2

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Construction moves at face pace at Bonifacio Global City in the Philippines, where quarterly economic growth was pegged at 6.5 percent. (Photo: Reuters)

The Philippine economy accelerated 6.5 percent in the second quarter of 2017, making it still one of the best-performing economies in Asia.

Last quarter’s growth followed China’s 6.9-percent growth, but overtaken Vietnam’s 6.2 percent and Indonesia’s 5-percent growth rates during the period.

“We are well on track to meeting our full-year target growth of 6.5 to 7.5 percent,” said Socioeconomic Planning Secretary Ernesto Pernia in a press briefing at Luxent Hotel in Quezon City.

The Philippine Statistics Authority (PSA) reported that industry recorded the fastest growth at 7.3 percent.

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Services slowed down to 6.1 percent in the second quarter compared with its 8.2-percent growth during the same period last year.

Agriculture recovered with 6.3-percent growth from 2-percent decline in the previous year.

April to June quarter figure brought the gross domestic product (GDP) growth for the first semester to 6.4 percent.  (PNA)

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