The Philippines' economic growth slowed to 4.6 per cent in the second quarter of 2008, dragged down by high inflation, the government said Thursday.
Growth in the gross domestic product (GDP) from April to June was down from 8.3 per cent in the same period last year, the National Statistical Coordination Board said.
The gross national product (GNP), which includes income from abroad, such as remittances by overseas Filipinos, grew by 5.5 per cent, compared with 9.8 per cent in
2007, the board said.
"The high inflation regime that prevailed during the second quarter ... took its toll on the Philippine economy," it said in a statement.
Inflation soared to a 14-year high of 11.4 per cent in June amid higher food and fuel prices.
GDP growth for the first six months of 2008 was 4.6 per cent after the government revised downward first-quarter GDP growth to 4.7 per cent from a previously reported 5.2 per cent.
GNP in the first half of the year was 5.7 per cent, the board said.
Socio-Planning Secretary Ralph Recto said the government's full-year target of 5.5-per-cent to 6.4-per-cent growth could be difficult to achieve with high inflation.
"Economic growth in the Philippines as well as those of Asian neighbours was dragged down by high inflation and slower growth among advanced economies, which hurt consumer demand," he added.
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