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Economy

Philippines girds for bigger inflation hit as economy slows in Q2

Expansion eased to 7.4% as higher prices squeezed consumption

People at a sidewalk vendor in Manila on Aug. 5.   © AFP/Jiji

MANILA -- The Philippine economy grew at a slower pace of 7.4% on an annual basis in the second quarter, as rising prices of commodities squeezed household consumption, the statistics agency reported on Tuesday.

The expansion of gross domestic product in the April-June period was helped by further relaxation of COVID-19 restrictions and election-related spending, officials said. The expansion was mainly driven by the services sector, which grew 9.1%.

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