By Abigail Marie P. Yraola, Deputy Research Head
THE PHILIPPINE ECONOMY expanded faster than expected in the second quarter, as higher government spending and investments offset “anemic” household consumption, government data showed.
Preliminary data released by the Philippine Statistics Authority (PSA) showed gross domestic product (GDP) expanded by an annual 6.3% in the April-to-June period, the fastest in five quarters or since the 6.4% in the first quarter of 2023.
It was stronger than the revised 5.8% growth in the first quarter and 4.3% in the second quarter of 2023.
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