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|MANILA http://www.mlbphilliesteamshop.com/authentic-mitch-williams-phillies-jersey/ , Aug. 28 (Xinhua) -- Philippine economy grew by 6.4 percent in the second quarter on the back of the strong performance of the industry and services sectors during the period, the local statistics agency said Thursday.
The Philippine Statistics Authority (PSA) said in a press briefing that the industry sector expanded by 7.8 percent while the services sector rose by 6 percent in the April to June period.
PSA said the performance of the agriculture sector also pulled up the country's gross domestic product (GDP) in the second quarter. The sector rebounded to 3.6 percent from a decline of 0.2 percent in the same period last year.
Data from PSA showed that the growth of the services sector in the second quarter was lower than the 7.8 percent increase registered a year ago and the 6.8 percent recorded in the first quarter.
The industry sector's growth in the April to June period was also lower than the previous year's hike of 10.5 percent but higher than the 5.3 percent posted in the first quarter of 2014. The sector's performance was boosted by manufacturing which grew by 10.8 percent in the second quarter.
PSA said GDP growth in the April to June period was slower than the 7.9 percent recorded in the second quarter of 2013. Economic growth in the second quarter, however, was better than the 5.6 percent posted in the first quarter.
For the first semester of 2014 http://www.mlbphilliesteamshop.com/authentic-mike-schmidt-phillies-jersey/ , GDP growth averaged 6 percent, lower than the 7.8 percent posted in the same period last year.
With the country's projected population reaching 99.7 million, PSA said per capita GDP growth slowed to 4.6 percent in the second quarter from 6 percent a year ago.
The Philippine government is targeting to grow GDP by 6.5 to 7. 5 percent this year. The National Economic and Development Authority said the Philippines remains on track to achieving this target.
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