Philippine Q2 GDP rose 2.3% YoY, below economists’ median 2.9% forecast and down
from 2.8% in Q1, the Philippine Statistics Authority said on Friday. The pace is
the slowest since Q4 2009 excluding the pandemic period. Official data said the
slowdown reflected higher inflation from an intensifying Middle East conflict
that weighed on household consumption and business investment. The Philippines,
which imports nearly all its oil from the Middle East, is among the most exposed
to supply disruptions from the Iran war. Higher energy costs and peso
depreciation pushed up food and fuel prices, eroded household incomes and
prompted firms to cut capital spending.
