Economic growth gains pace to 6.4%

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The Philippine economy grew 6.4 percent year-on-year in the second quarter of 2014, gaining pace since the slowdown seen in the first quarter but still lower than the year-earlier rate, official figures just released by the National Economic and Development Authority (NEDA) and the Philippine Statistics Authority (PSA) show.

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Growth in gross domestic product (GDP) in the April-June period this year accelerated from the revised 5.6 percent recorded for the January-March quarter, but still lagged the year-earlier rate of 7.9 percent.

For the first half of 2014, cumulative growth reached 6 percent, compared with 7.8 percent in the corresponding period of 2013, according to the data.

 

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