Philippine economy posts 7.5 percent GDP growth in 2nd quarter; 7.6 percent in first half of 2013

National Accounts, Q2 2013

The domestic economy accelerated in the second quarter of 2013 to 7.5 percent from 6.3 percent recorded the previous year boosting the 2013 first semester growth to 7.6 percent from 6.4 percent in the first half of 2012. The second quarter growth is the fourth consecutive GDP growth of more than 7.0 percent under the Aquino Administration.

The resilient Services sector, which grew by 7.4 percent, remained the main driver of the country’s growth supported by the 10.3 percent and 17.4 percent growth of manufacturing and construction, respectively boosting the Industry sector to grow by 10.3 percent.

On the demand side, the growth came mainly from consumer and public spending buttressed by increased investments in Fixed Capital. External trade has been lackluster.

The growth in the Net Factor Income from Abroad at 2.7 percent together with the impressive growth in the domestic economy pushed the Gross National Income (GNI) to grow by 6.8 percent from 6.5 percent 2012.

For the first semester of 2013, GNI grew by 7.3 percent from 6.1 percent in the first semester of 2012.

On a seasonally adjusted basis, GDP grew at 1.4 percent but this was slower than the previous quarter’s growth of 2.3 percent. Similarly, GNI grew by a slower pace of 1.2 percent in the second quarter of 2013 compared to 2.2 percent in the first quarter of 2013.

With projected population reaching 97.2 million, per capita GDP accelerated to 5.8 percent. Similarly, per capita GNI upped its growth by 5.0 percent while per capita Househo0ld Final Consumption Expenditure (HCFE) slowed down by 3.5 percent.

JOSE RAMON G. ALBERT
Secretary General, NSCB
– See more at: http://www.nscb.gov.ph/sna/2013/2nd2013/2013qpr2.asp#sthash.0v4sdhnM.6ZbNc02j.dpuf