Philippine economy grows 11.8% y/y in second quarter, exits recession

MANILA, Aug 10 (Reuters) – The Philippine economy returned to year-on-year growth in the second quarter, exiting a recession with a faster-than-expected expansion, official data showed on Tuesday, as a gradual easing of coronavirus restrictions in May underpinned domestic demand.

Gross domestic product rose 11.8% in the June quarter , rebounding from a COVID-induced slump a year earlier, the statistics agency said. The economy resumed growth after contracting for five consecutive quarters.

Economists in a Reuters poll had expected the economy to expand 10% in the second quarter after a record 17% contraction in the same period last year and shrinking a revised 3.9% year-on-year in the first three months of 2021.

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