MANILA, Philippines — The Philippine economy demonstrated strong growth in the second quarter of 2024, as reported by the Philippine Statistics Authority on Thursday, August 8.

Gross Domestic Product (GDP) surged by 6.3% from April to June 2024, marking a notable improvement from the 5.8% growth observed in the first quarter.

The PSA report identified key contributors to this growth. Financial and insurance activities led the charge with an 8.2% increase, followed by industry at 7.7%, and services, which saw a 6.8% rise.

Agriculture, forestry, and fishing experienced a 2.3% decline due to the impact of El Niño.

GDP, a crucial economic indicator, measures the total value of all goods and services produced within a country.

Socioeconomic Planning Secretary Arsenio Balisacan said the Philippines achieved one of the strongest performances in Asia with this latest GDP growth rate.

“For East Asia’s economies that have released their second quarter 2024 GDP growth, we follow behind Vietnam at 6.9%, while leading Malaysia at 5.8%, Indonesia at 5.0%, and China at 4.7%,” Balisacan stated.

He attributed the GDP growth largely to heightened investments, particularly noting the double-digit expansion in construction.

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