Philippine GDP growth hits 7.1%

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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.

 

 

 

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Reading Time: 1 minute

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.

Reading Time: 1 minute

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.

 

 

 

Do you like this post?
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