2nd Quarter PH GDP: Unexpectedly slower
Dampened government and investment spending as well as slowing consumption contribute to deceleration in GDP growth.
![Makati cityscape at night with lights from buildings and cars.](https://wealthinsights.metrobank.com.ph/app/uploads/2022/09/PH-Cityscape.jpg)
The Philippine economy expanded at a more muted pace of 4.3% year-on-year in the second quarter of 2023 versus last quarter’s 6.4% growth. This quarter’s GDP print came out significantly lower than the 6.0% median analyst forecast from the BusinessWorld’s poll and Metrobank Research’s forecast of 6.1%, driven by the contraction in government and investment spending, and moderating consumption spending.
Given this, we maintain our full year GDP forecast for 2023 at 6.0%, albeit with downward bias, as we continue to monitor data points within the economy.
Please see our report below for more updates on the latest GDP release and our outlook.
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2nd Quarter 2023 PH GDP Update
We maintain our GDP growth forecast for 2023 but with a downward bias.