The Philippine Economy ends five consecutive quarters of decline in Q2 2021

The Philippine GDP increased in real terms by 11.8% y/y in Q2 2021 to end five consecutive quarters of decline. The strong rebound was exaggerated by a low base caused by the crash in economic activity last year when the pandemic erupted.

Household consumption expenditure increased by 7.2% y/y in Q2 2021, Gross fixed capital formation (investment spending) soared by 37.4% y/y, but government final consumption expenditure fell by 4.9% y/y, highlighting the government ramped-up public spending last year to mitigate the effects of the pandemic. As for foreign trade, exports of goods and services rose by 27% y/y in volume terms but was outpaced by 37.8% y/y growth in imports.

Further data and analysis on Philippines’s economy are available on the CEIC Philippines Economy in a Snapshot – Q2 2021 report.