"I guess that it's probably close to at least the lower end of the target," NEDA Secretary Arsenio Balisacan told reporters on the sidelines of the postState of the Nation Address discussions yesterday.
The government has set a six to seven percent gross domestic product (GDP) growth target for the full year.
In the first quarter, the economy grew by 5.7 percent, slower than the 6.4 percent expansion in the same period last year, but faster than the 5.5 percent growth in the fourth quarter of 2023.
Balisacan said growth in the second quarter was likely supported by remittances from overseas Filipinos.
Latest data from the Bangko Sentral ng Pilipinas showed personal remittances from overseas Filipinos rose by 3.7 percent to $2.88 billion in May from $2.78 billion in the same month last year.
This story is from the July 24, 2024 edition of The Philippine Star.
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This story is from the July 24, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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