The Philippine economy expanded 2.4 percent in the second quarter, skirting recession as construction and mining combined with government and private spending spurred growth, officials said Thursday.
The second-quarter recovery means the Philippines has "effectively avoided the recession" that had threatened the economy when it contracted a revised 2.1 percent in the first quarter from the previous quarter, said Romulo Virola, head of the National Statistics Coordination Board.
Economists say two consecutive quarters of quarter-on-quarter contraction in gross domestic product signal a recession.
Year-on-year GDP growth slowed from 4.2 percent to 1.5 percent, Virola said in a statement. GDP expanded 1 percent in the first half from the same period in 2008.
Strong performances by the mining, quarrying and construction sectors led industry to recover from a 6.9 percent contraction in the first quarter. Growth in the services sector, the key source of domestic growth, accelerated from the previous quarter.
Consumer spending rose and government expenditure leapt as part of an economic stimulus plan.
Exports, which account for a third of the economy, sank 16.7 percent from a year earlier _ the biggest drop since the fourth quarter of 1998. Imports declined 2.7 percent from nearly zero growth in the previous year.