The Philippine economy grew at its slowest pace in recent quarters in the second quarter, expanding 2.3% year-on-year and falling short of market expectations.
Data from the country’s statistics agency released on Friday showed gross domestic product growth came in below the 2.8% expansion forecast by economists in a Reuters poll.
The second-quarter reading also came in below the 2.8% growth recorded in the first quarter, pointing to a loss of momentum in the Southeast Asian economy.
Economists had expected the economy to maintain the first quarter’s growth rate, but the latest figures showed expansion was weaker than anticipated.
The data comes as investors monitor growth conditions across Southeast Asia amid a shifting global economic environment and ongoing uncertainty in international markets.
