Socioeconomic Planning Secretary Ernesto Pernia (File photo courtesy of NEDA)
MANILA -- The government’s chief economist expects the country's gross domestic product (GDP) growing more than 6 percent in the second quarter of 2019, about a similar pace during the same period last year, bolstering growth of 6.5 percent for the year.
Socioeconomic Planning Secretary Ernesto Pernia said election spending, consumption, and consumer spending likely drove economic growth in April to June.
“Business confidence is (also) high and lower inflation,” he told reporters Thursday on the sidelines of a business conference.
Pernia, also the National Economic and Development Authority (NEDA) Director-General, is optimistic that GDP will grow further in the third quarter as government spending is expected to catch up in the second half of the year.
“I would say 6.5 percent (GDP) is achievable (for the year),” he added.
The Philippine economy expanded by measly 5.6 percent in the first quarter of 2019, slower than the 6.5 percent growth recorded during the same period last year, as the re-enacted budget slowed the pace of growth.
The government operated on a re-enacted budget until this year’s budget was signed into law last April.
To reach the full-year growth target of 6 to 7 percent, Pernia earlier said the economy would need to expand by an average of 6.1 percent over the next three quarters. (PNA)
