The Philippine economy has expanded by 6.2%, the second-best growth rate in Asia.
The July-September economic performance of the country reported by the Philippine Statistics Authority (PSA) on Thursday indicated that the gross domestic product (GDP) grew by 6.2 percent in the third quarter of 2019.
The Philippines ranks second to Vietnam’s 7.3% but ahead of China’s 6% growth rate.
The third-quarter performance is an improvement on the country’s 5.5 percent growth rate in the second quarter and the 5.6% rate in the first quarter of 2019.
“The stronger growth in public spending in the third quarter contributed significantly to our third-quarter performance,” Socioeconomic Planning Secretary Ernesto Pernia said in a media briefing on November 7.
“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 of 6.0-7.0 percent for 2019 –a challenge that we are confidently taking on,” Pernia added.
The Philippine Statistics Authority reported the growth rate sectors:
- Services posted the fastest growth at 6.9%
- Industry grew by 5.6%
- Agriculture, Hunting, Forestry, and Fishing all at 3.1%
Secretary Pernia also said the private sector was also driving the growth, saying, “We know that the private sector is the main driver of the economy, with the government providing an enabling policy environment and infrastructure. That is why we need to address infrastructure, logistics, and regulatory bottlenecks,” Pernia explained.
The report noted the main growth drivers for the 3rd quarter are:
- trade and repair of motor vehicles, motorcycles, personal and household goods
- construction
- financial intermediation
The third-quarter PSA report also indicated per capita GDP grew by 4.5 percent based on the projected 108.3 million population.
The Philippines has been projected to display its golden age of growth, marked by accelerating growth rates in 2020, and driven by investment-led growth.
SEND cheers in the comments below to the Philippines’ economic managers for speeding up the growth rate.
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