The Philippine economy rebounded with growth of 5.6 percent in the second quarter, defying a regional slowdown thanks to robust government spending, but faltering exports and deepening economic woes in China tempered the outlook.
While annual growth was the third-fastest in the region after China and Vietnam, and ahead of the 5.0 percent rate in the first quarter, the El Nino dry weather phenomenon posed a major downside risk for the Philippines, economic planning Secretary Arsenio Balisacan said.
A rebound in state infrastructure spending helped the economy grow 1.8 percent in April-June from the previous three months, slightly below the 2.0 percent forecast in a Reuters poll. Weak government spending has been blamed for declining growth in 2014 and in the first quarter of 2015.
The Philippine economy rebounded with growth of 5.6 percent in the second quarter, defying a regional slowdown thanks to robust government spending, but faltering exports and deepening economic woes in China tempered the outlook.While annual growth was the third-fastest in the region after China and Vietnam, and ahead of the 5.0 percent rate in the first quarter, the El Nino dry weather phenomenon posed a major downside risk for the Philippines, economic planning Secretary Arsenio Balisacan said.A rebound in state infrastructure spending helped the economy grow 1.8 percent in April-June from the previous three months, slightly below the 2.0 percent forecast in a Reuters poll. Weak government spending has been blamed for declining growth in 2014 and in the first quarter of 2015.
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