The Philippine economy slowed in the second-quarter amid soaring consumer prices that weakened demand from both businesses and households, the government reported on Tuesday, Aug. 9.
“The slowdown may be due to inflationary pressures brought about by the Russia-Ukraine war, weakening global demand, and supply chain disruptions brought by lockdowns in China,” Socioeconomic Planning Secretary Arsenio M. Balisacan said. Based on the PSA data, household final consumption expenditures in the second quarter dropped 2.7 percent from its end-March’s level due to weak spending on transport, restaurant and hotels, as well as food and non-alcoholic beverage.
But despite that, he said the government is confident that the country’s full-year growth would settle within the target band of 6.5 percent to 7.5 percent. According to PSA, the services sector grew the highest at 9.1 percent followed by industry at 6.3 percent; and agriculture, forestry, and fishing at 0.2 percent.
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