At low end of forecast range but up from Q1

PH Q2 economic growth 5.6%

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GROWTH in the Philippine economy gained pace in the second quarter to 5.6 percent from a revised 5.0 percent in the first quarter, but lagged far behind the 6.4 percent expansion recorded for the second quarter of last year, official figures released Thursday show.

The latest growth rate also hit the low end of forecasts ranging from 5.6 percent to 6.8 percent made by  economists from private banks polled by The Manila Times prior to the release of the data.

Data released by the National Economic and Development Authority (NEDA) and the Philippine Statistics Authority (PSA) showed a contraction in the agriculture section in the April to June quarter, dragging the overall expansion in gross domestic product during the period to the low end of the forecast range.

So far, the government has not revised its target range of 7 percent to 8 percent growth in GDP for 2015.


MC/NT

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