PH economy grows 6.1% in third quarter

MANILA – The country’s gross domestic product (GDP) expanded 6.1 percent in the third quarter of the year, making it still one of the fastest growing economies in Asia, the government reported on Thursday.

The economy accelerated 6.2 percent in the second quarter this year, and 7.2 percent during the same period in 2017.

The Philippine Statistics Authority said services had the highest contribution to overall growth in July to September with 4.1 percentage points, followed by industry with 2.1 percentage points.

The agriculture sector, however, pulled down the growth by -0.03 percentage points.

“The Philippine economy, growing at least 6 percent for 14 consecutive quarters already, suggests that we are now on a higher growth trajectory,” Socioeconomic Planning secretary Ernesto Pernia said in a press briefing.

Pernia said GDP needs to expand by at least 7 percent in the fourth quarter to achieve the low-end of the government’s target of 6.5 percent to 6.9 percent growth rate for 2018.

SOURCE: Panay News

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