Philippine GDP growth hits 7.1%

The Philippine agriculture sector has shown resilience this year

Unexpected third quarter growth in the Philippines buoyed by a robust service sector has resulted in the economy expanding by 7.1 per cent, the fastest pace in two years. Year-to-date GDP growth of 6.5 per cent has already surpassed the government’s 5 to 6 per cent forecast.

Analysts have pointed to strong performances in a number of sectors as the key factors for the unyielding growth.

The service sector in particular, including transport, financial, property and storage services, has been the largest contributor to growth, the National Statistical Coordination Board (NSCB) said.

On top of this, the Philippines is currently experiencing a property boom, tacking on plenty of construction-led growth points.

Additionally, the agriculture sector has shown exceptional resilient to weather this year, not always the case in the typhoon-prone region.

Government spending recorded the fastest growth of 12 per cent, while household spending and capital formation rose 6.2 per cent and 4.3 per cent, respectively, the National Statistical Coordination Board (NSCB) showed.

Looking forward, the global economic turndown could dramatically affect future growth in the Philippines, as tourism is earmarked to continue playing a major role.

 

 

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

[caption id="attachment_5561" align="alignleft" width="300"] The Philippine agriculture sector has shown resilience this year[/caption] Unexpected third quarter growth in the Philippines buoyed by a robust service sector has resulted in the economy expanding by 7.1 per cent, the fastest pace in two years. Year-to-date GDP growth of 6.5 per cent has already surpassed the government’s 5 to 6 per cent forecast. Analysts have pointed to strong performances in a number of sectors as the key factors for the unyielding growth. The service sector in particular, including transport, financial, property and storage services, has been the largest contributor to growth, the National...

The Philippine agriculture sector has shown resilience this year

Unexpected third quarter growth in the Philippines buoyed by a robust service sector has resulted in the economy expanding by 7.1 per cent, the fastest pace in two years. Year-to-date GDP growth of 6.5 per cent has already surpassed the government’s 5 to 6 per cent forecast.

Analysts have pointed to strong performances in a number of sectors as the key factors for the unyielding growth.

The service sector in particular, including transport, financial, property and storage services, has been the largest contributor to growth, the National Statistical Coordination Board (NSCB) said.

On top of this, the Philippines is currently experiencing a property boom, tacking on plenty of construction-led growth points.

Additionally, the agriculture sector has shown exceptional resilient to weather this year, not always the case in the typhoon-prone region.

Government spending recorded the fastest growth of 12 per cent, while household spending and capital formation rose 6.2 per cent and 4.3 per cent, respectively, the National Statistical Coordination Board (NSCB) showed.

Looking forward, the global economic turndown could dramatically affect future growth in the Philippines, as tourism is earmarked to continue playing a major role.

 

 

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

NO COMMENTS

Leave a Reply