The Philippine economy expanded 4.3 percent in the second quarter year-on-year, bringing the real gross domestic product (GDP) growth for the first semester to 5.3 percent, the Philippine Statistics Authority (PSA) said on Thursday.
PSA head Dennis Mapa told a news conference that the wholesale and retail trade, repair of motor vehicles and motorcycles, financial and insurance activities, and transportation and storage fueled the second quarter growth.
National Economic and Development Authority Secretary Arsenio Balisacan said the “moderate economic expansion” in the second quarter growth was fueled by increases in tourism-related spending —Xinhua
