Philippines Q2 GDP growth quickens on construction boom
- 17 Aug 2017 at 10:20
- WRITER: REUTERS
Workers lay out steel bars in constructing the 8-kilometre 4-lane elevated highway along Buendia Avenue in Makati City, metro Manila, Philippines Aug 3, 2017. (Reuters photo)
MANILA -- The Philippine economy grew at a sizzling pace in the second quarter, topping expectations as a government-led construction boom and an extended rebound in the farm sector took some of the sting off a peso currency wallowing at 11-year lows.
The Southeast Asian nation is the second-fastest growing economy in Asia after China, with growth in the June quarter boosted by higher government spending and a stellar performance in the agriculture sector.
Gross domestic product rose 6.5% in the second quarter from a year earlier, the national statistics agency said on Thursday, picking up from the 6.4% pace in the first quarter, and above the 6.2% forecast in a Reuters poll.
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