MANILA: Among the major Asian emerging economies, the Philippines likely remains the fastest or second fastest-growing economy in Q2 2016 followed by China,’ says Socioeconomic Planning Secretary Ernesto Pernia.
The latest gross domestic product (GDP) figure announced by Socioeconomic Planning Secretary Ernesto Pernia on Thursday, August 18, builds on the 6.8% growth recorded in the first 3 months of the year, which made the Philippines the fastest growing economy in the region.
The government earlier recorded the first quarter economic growth at 6.9%, but the Philippine Statistics Authority later revised it to 6.8%. Thursday’s announcement of the 7% growth fell within market expectation of growth between 6.5% and 7%.
“Among the major Asian emerging economies, the Philippines likely remains the fastest or second fastest-growing economy in the second quarter of 2016, followed by China, which grew by 6.7%, Vietnam by 5.6%, Indonesia by 5.2%, Malaysia by 4.0%, and Thailand by 3.5%,” Pernia said.
Data for India, he added, is not yet available but some forecasts put it above 7%. Pernia also said the latest figures give government confidence that it would be able to hit the official government target of 7-8% for the entire year of 2016.
