It is the second highest growth level in Southeast Asia for the second quarter.
On Thursday, August 8, the Philippine Statistics Authority reported that the country’s gross domestic product (GDP) saw its fastest growth in five quarters.
Accroding to PSA, the second quarter of 2024 saw the Philippines’ GDP accelerate to 6.3%, higher than its revised GDP for Q1 2024 — which stood at 5.8%.
It is the second highest in Southeast Asia for the quarter, just behind Vietnam that posted 6.8%, and higher than the likes of Malaysia (5.8%) and Indonesia (5%).
With this development, the PSA said the country is on track to hit its target GDP growth rate for 2024, which is pegged at 6 to 7%.