The Philippine 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
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
On a quarterly basis, GDP was up 3.8 percent, which was also bigger than the expected rate of 1.2 percent.<\/p>\n
The government targets to achieve 4-5 percent growth target the full year of 2021. <\/p>\n
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
At the same time, exports and imports rose 9.0 percent and 13.2 percent, respectively. <\/p>\n
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
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
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
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