GDP growth slows to 6% in Q2
THE economy as measured by the gross domestic product (GDP) grew at a slower pace of 6 percent in the second quarter of 2018 as the impact of the closure of Boracay Island and many open-pit mining operations began to be felt, the Philippine Statistics Authority (PSA) and National Economic and Development Authority (NEDA) said on Thursday.
NEDA said the closure of the famed resort and the policy against open pit mining affected GDP growth in the second quarter.
NEDA director general Ernesto Pernia described the latest growth number as “positive but slower” because it pales in comparison to last year’s growth figures. GDP grew 6.6 percent in the first quarter and 6.7 percent in the second quarter of 2017.
The NEDA chief said the recent growth figure “puts the Philippines as one of the best performing economics in Asia behind Vietnam (6.8 percent) and China (6.7 percent).” ED VELASCO
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