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In Q2 of 22, according to Moody’s Analytics, the Philippine economy will increase by 8.8%.

The continuous growth of the Philippine economy is expected to be 8.8 percent in the second quarter of 2022, according to Moody’s Analytics.

The subsidiary of Moody’s Investors Service stated that the projected growth of the domestic economy from April to June this year “has put the country on track to comfortably meet its GDP (gross domestic product) target of 7-9 percent in 2022” in its Asia Pacific Economic Preview for the week covering Aug. 8–12, 2022.

Private investment and consumption will support growth in the second quarter, but greater inflation, rising interest rates, and fiscal consolidation will cause the economy to slow down in the second half of the year, it was stated.

The growth target for this year was previously lowered by 6.5–7.5% due to the impact of both internal and external developments.

In the first three months of this year, the domestic economy expanded by 8.3 percent as measured by GDP, continuing its upward trend since turning around its negative output in the second quarter of last year, when it increased by 12.1 percent.

On August 9, the Philippine Statistics Authority (PSA) is expected to release results for the second quarter of 2022.

According to economic managers, despite the impact of increasing inflation and other factors, household spending and private investments are expected to support the economy’s continuing recovery.

They listed other factors that contributed to this year’s growth, including a robust industrial sector, high immunization rates, improved healthcare capacity, and increases in tourism and employment.

According to PSA data, manufacturing grew by 10.1 percent in the first quarter of the year, coming in second place to transportation and storage’s 26.5 percent increase as the top domestic contributors to that quarter’s growth.

In contrast to its -4.2 percent print in the first quarter of 2021, the industry sector rose by 10.4 percent year over year in the first quarter of this year.

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