MANILA, Aug. 7 (Xinhua) -- The Philippines' gross domestic product (GDP) in the second quarter of 2025 grew by 5.5 percent from a year earlier, the Philippine Statistics Authority (PSA) said Thursday.
In a joint press conference, PSA chief Dennis Mapa said the second quarter growth was mainly driven by wholesale and retail trade, vehicle repair, public administration and defense, social security, as well as financial and insurance activities.
Mapa stated that all major economic sectors, namely agriculture, forestry, fishing, industry, and services, posted year-on-year growth in the second quarter of 2025.
Department of Economy, Planning, and Development Secretary Arsenio Balisacan said the Philippine economy continues to show resilience and stability, even as global challenges persist and fuel uncertainty across many fronts.
The Philippine government's economic team forecasts a 5.5 to 6.5 percent GDP growth for 2025, and 6 to 7 percent annually from 2026 to 2028.
In its updated Asian Development Outlook (ADO) released in July, the Asian Development Bank (ADB) reduced its GDP growth forecast for the Philippines to 5.6 percent in 2025 and 5.8 percent in 2026, from previous projections of 6 percent and 6.1 percent, amid external headwinds. ■
