Tedday2223
Member
The Philippine economy significantly grew by 6.3 percent in the second quarter of the year, the Philippine Statistics Authority (PSA) reported on Thursday. The result — up from the revised 5.8 percent in the last three months and higher than last year's 4.3 percent — is also higher than the 6.0-percent median in a Manila Times poll of economists. This is the highest recorded growth rate since January to March 2023 period at 6.4 percent. Year to date, growth rate recorded at 6.0 percent, hitting the 6.0 to 7.0 percent target of the government for the year. The main contributors to the growth, the PSA said, were construction (16.0 percent), wholesale and retail trade, repair of motor vehicles and motorcycles (5.8 percent) and financial and insurance activities (8.2 percent). All economic sectors posted expansions during the period with industry and services posting 7.7 percent and 6.8 percent, respectively. The agriculture, forestry, and fishing sector, however, posted a year-on-year decline of 2.3 percent. During the April to June period, household final consumption expenditure (HFCE) remained at 4.6 percent. Government final consumption expenditure (GFCE), meanwhile, jumped to 10.7 percent from the January to March 2024 period at 1.7 percent.
Hopefully, this trend will continue in the coming quarters. 
I wonder what sectors are contributing the most 
Though, it’s worth watching how global economic conditions might affect this momentum.
