Friday 20 July
Powered by Ajaxy
Nov 16, 2017 @ 12:01

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.

Tags: , , , , , , , , ,

Related Stories
China's trade surplus with the United States jumped in May, official data showed Friday, worsening
The Philippines has announced its best-known holiday island Boracay will be closed to tourists for
Government officials of the Philippines and China said the two countries aim to balance their
India warned Friday against investing in cryptocurrencies including bitcoin, likening them to "Ponzi schemes", as


 

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.