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 disruptio

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.