Philippine economy sees higher expansion in Q3

HANOI, VNA - After two quarters of deceleration, the Philippine economy expanded 6.2 percent in the third quarter of 2019, according to the Philippine Statistics Authority (PSA).

PSA head Claire Dennis Mapa reported gross domestic product (GDP) growth of 6.2 percent from 5.6 percent in the first quarter and a slightly faster than 5.5 percent in the second quarter.

Among the major economic sectors, Mapa said services posted the fastest growth with 6.9 percent. Industry grew by 5.6 percent, while agriculture, hunting, forestry and fishery registered a growth rate of 3.1 percent, he said.

Socioeconomic Planning Secretary Ernesto Pernia said the 6.2-percent growth in the third quarter brings the year-to-date economic growth to 5.8 percent, just slightly below the lower-end of the 6.0 to 7.0 percent 2019 target.

This means that the Philippine economy will have to expand by at least 6.7 percent in the last quarter of the year to meet the low-end of the full-year target, said Pernia.

In the Asian Development Outlook (ADO) 2019, the Asian Development Bank (ADB) revised its forecast for Philippine GDP growth to 6.0 percent in 2019 and 6.2 percent in 2020, against its previous forecast of 6.4 percent for both years. - VNA



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