Philippines Q2 GDP grows 7.4% year on year

MANILA – The Philippine economy expanded slower than expected in the second quarter, data showed on Tuesday, losing its momentum as red-hot inflation curbed consumer spending.

The Southeast Asian country’s gross domestic product rose 7.4% in the June quarter from a year earlier, slower than the downwardly revised 8.2% growth in the previous quarter and the 8.6% growth forecast in a Reuters poll. — Reuters