Q3 growth surprises at 6.9%
The Philippine economy has zoomed ahead during the third quarter.
Gross Domestic Product (GDP) expanded by 6.9 percent between July-September 2017, driven by stronger activity in manufacturing, trade, and real estate, renting and business activities.
The industrial sector led growth as it surged by 7.5 percent , followed by a 7.1 percent increase in services. These gains offset a slower increase in farm output, which settled at 2.5 percent from 3 percent a year ago.
“Notwithstanding the continued political noise and the terrorist activity in Marawi, which President Duterte had decisively addressed, the economy managed to perform well in the third quarter as the government posted a double-digit increase in public investments and pursued initiatives to further improve fiscal health and boost investor sentiment,” Finance Secretary Carlos Dominguez III said in a statement.
The third-quarter growth performance brought the year-to-date average to 6.7%, well within the 6.5-7.5% target set by the Duterte administration.