The Philippine economy grew 7.4 percent in the second quarter, the state statistics bureau said on Tuesday.
This follows the revised 8.2 percent gross domestic product growth rate posted in the first quarter of the year.
The Philippine Statistics Authority said this was the 5th consecutive quarter of growth since the country went into recession during the height of the pandemic.
Last year, the country’s GDP growth rate rebounded to 12 percent after COVID-19 restrictions were slightly eased. In 2020, the economy shrank to a historic low of -16.9 percent as many industries and sectors were closed to curb the spread of the disease.
Economic managers are expecting GDP to grow between 6.5 to 7.5 percent this year, down from 7 to 8 percent amid rising inflation and interest rates.
