The Philippine economy grew by an average of 5.6 percent during the second quarter of 2015, down from the 6.7-percent rise during the same period last year, but higher than the revised 5.0 percent growth in the first quarter.
In a press conference held at 10:00 AM today, Economic Planning Secretary and National Economic and Development Authority Director-General Arsenio Balisacan said the economy was driven mainly by the service sector.
This puts the country’s GDP growth year-to-date at 5.3 percent, down from 6.2 percent in the comparable period last year.
Yesterday, the government authorities revised the country’s first quarter GDP from 5.2 percent to 5.0 percent.
The second quarter GDP growth slightly missed analysts’ average estimates of 5.7 percent, ranging from Credit Suisse’s 4.8% projection to 6.8% expected by Moody’s, but nevertheless, the 66th straight quarter of growth for the country, since way back in 1997.