Q2 growth seen at 7.2%

MANILA, Philippines - Philippine economic growth is expected to have slowed to 7.2 percent in the second quarter from the 7.8 expansion in the first three months of the year, Moody’s Analytics said percent.

“After growing almost eight percent year-on-year in the opening of 2013, the Philippine economy continued expanding at a solid clip in the three months to June,” Moody’s Analytics said in a report.

The level, however, is faster than the six percent economic growth recorded in the second quarter of last year.

“Manufacturing is growing at a healthy clip, driven entirely by domestic demand; export-facing firms have struggled under weaker global demand,” the reseach firm noted.

However, it stressed “The key will be in the fixed investment and construction numbers.”

“The first-quarter construction surge appears to have slowed and could drag headline growth below seven percent. Our tracking model suggests that GDP (gross domestic product) growth was only slightly weaker in the second quarter.”

Second-quarter GDP data is set to be released by the National Statistical Coordination Board on Thursday.

The government hopes to grow the economy by six to seven percent this year, from the 6.8-percent expansion in 2012.