It looks like the Philippines’ economic growth has gone beyond everybody’s expectation. The country’s economy grew by 7.1 percent in the third quarter of the year which, according to the National Economic and Development Authority, is the fastest among Asian markets.
In a briefing at the Heritage Hotel Manila, Policy and Planning Undersecretary Rosemarie G. Edillon pointed out that the growth is above the median market expectation of 6.8 percent. She added that the country gained the highest growth rate, compared to China’s 6.7 percent, Vietnam’s 6.4 percent, Indonesia’s 5.0 percent, and Malaysia’s 4.3 percent.
According to the Philippines Statistics Authority, the third quarter’s output was due to the expansion of the services sector with 6.9 percent and industry with 8.6 percent, not only that, per capita GDP grew by 5.3 percent and per capita national gross income by 4.6 percent. The statistics quoted that both are higher than the respective growth last year.
Edillon was optimistic, saying reaching the full-year growth target would not be that difficult. The country simply needs to grow 3.4 percent growth to achieve the target range of 6.0 percent.
Similar to the country’s economic growth, the investments within the country are continuously growing. It went from the record 4.0 percent last year, to today’s 16. 2 percent. According to Edillon, public investment in infrastructure remained strong, with public construction growing to 20 percent for this quarter.
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