Philippine Economy posts 5.6 percent GDP growth; 5.3 percent in first half of 2015

Reference Number: 27082015
Release Date: 27 August 2015

GDP grew year-on-year by 5.6 percent in the second quarter of 2015. This is lower than the 6.7 percent in the same period last year but higher than the growth rate of 5.0 percent in the first quarter of 2015.

The second quarter growth was driven by the Services sector with the positive growth exhibited by Trade, Other Services Real Estate, Renting & Business Activities, and supported by the growth of Manufacturing and Construction.

Gross  National  Income (GNI),  on  the  other  hand,  grew  by 5.0 percent  from   6.9 percent the same period last year. The slowdown in OFW deployment pulled down the growth of Net Primary Income from the Rest of the World to 2.2 percent from 7.9 percent last year.
For the first semester of 2015, GDP grew by 5.3 percent from 6.2 percent while GNI  grew by   4.6 percent from a growth of 6.7 percent in the first semester of 2014.
With  the  country’s  projected  population  reaching 101.4 million  in  the  second  quarter  of  2015,   per capita GDP grew by 3.8 percent from 4.9 percent of the same quarter of 2014, per capita GNI grew by 3.3 percent and per capita Household Final Consumption Expenditure (HFCE) grew by 4.4 percent from last year’s growth of 5.1 percent and 3.9 percent, respectively.
National Statistician and
Civil Registrar General