Publication: Philippines Monthly Economic Developments, August 2023
Date
2023-08-22
ISSN
Published
2023-08-22
Author(s)
World Bank
Abstract
Gross domestic product (GDP) growth
moderated to 4.3 percent in Q2 2023 owing to a slowdown in
domestic and external demand. Manufacturing and services
continued to weaken in June, although leading indicators
suggest a stronger expansion in July. External demand for
goods exports softened in June amid slowing global activity,
while soft domestic demand led to a contraction in goods
imports. The fiscal deficit narrowed in Q2 2023, as public
spending declined due to ongoing fiscal consolidation and
delays in budget execution. Labor market conditions remained
strong, despite an uptick in unemployment and underemployment.
Link to Data Set
Citation
“World Bank. 2023. Philippines Monthly Economic Developments, August 2023. © Washington, DC: World Bank. http://hdl.handle.net/10986/40249 License: CC BY-NC 3.0 IGO.”