Publication: Philippines Monthly Economic Developments, August 2023
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2023-08-22
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2023-08-22
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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.
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“World Bank. 2023. Philippines Monthly Economic Developments, August 2023. © World Bank. http://hdl.handle.net/10986/40249 License: CC BY-NC 3.0 IGO.”
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