{"id":122984,"date":"2021-11-15T21:47:24","date_gmt":"2021-11-15T21:47:24","guid":{"rendered":"https:\/\/fin2me.com\/?p=122984"},"modified":"2021-11-15T21:47:24","modified_gmt":"2021-11-15T21:47:24","slug":"philippine-gdp-growth-exceeds-expectations-in-q3","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/philippine-gdp-growth-exceeds-expectations-in-q3\/","title":{"rendered":"Philippine GDP Growth Exceeds Expectations In Q3"},"content":{"rendered":"<p> The Philippine <span>economy<\/span> grew more than expected in the third quarter on robust household spending and investment, data from the Philippine Statistics Authority revealed on Tuesday. <\/p>\n<p>Gross domestic product grew 7.1 percent on a yearly basis in the third quarter, faster than the expected growth of 4.8 percent. But the pace of growth slowed from the 12.0 percent expansion registered in the second quarter.<\/p>\n<p>On a quarterly basis, GDP was up 3.8 percent, which was also bigger than the expected rate of 1.2 percent.<\/p>\n<p>The government targets to achieve 4-5 percent growth target the full year of 2021. <\/p>\n<p>On the demand side, household consumption grew 7.1 percent and government spending gained 13.6 percent annually in the third quarter. Gross fixed capital formation logged a sharp growth of 22 percent.<\/p>\n<p>At the same time, exports and imports rose 9.0 percent and 13.2 percent, respectively.  <\/p>\n<p>Among the major economic sectors, industry and services posted positive growth of 7.9 percent and 8.2 percent, respectively. Meanwhile, agriculture, forestry, and fishing posted a contraction of 1.7 percent.<\/p>\n<p>GDP figures were much stronger than expected and output is set to jump again in the fourth quarter following a sharp drop in virus cases and the further easing of restrictions, Alex Holmes, an economist at Capital Economics, said.  <\/p>\n<p>That said, even after rapid growth in the second half of this year, the recovery will still have a long way to go, and the economy will remain in catch-up mode throughout 2022, the economist added. <\/p>\n<p>Source: <a href=\"https:\/\/www.rttnews.com\/3240572\/philippine-gdp-growth-exceeds-expectations-in-q3.aspx?type=ts\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Philippine economy grew more than expected in the third quarter on robust household spending and investment, data from the Philippine Statistics Authority revealed on [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":122983,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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