Philippine GDP Grew 5.9% year-on-year In The Third Quarter
Jayson 17 Nov 2023 08:11
Data recently released by the Philippine National Bureau of Statistics showed that in the third quarter of this year, the country's gross domestic product (GDP) grew by 5.9% year-on-year, higher than the 4.3% in the second quarter and exceeding market expectations.
Data shows that in the third quarter, the country's industrial and service industries grew by 5.5% and 6.8% year-on-year respectively, which is the main driving force for economic growth. In terms of trade, exports increased by 2.6% year-on-year and imports contracted by 1.3%. Affected by inflation, household consumption growth slowed down in the third quarter, with the growth rate falling to 5% from 8% in the same period last year.
In the first three quarters of this year, the Philippines' economic growth rate was 5.5%, which is still lower than the 6%-7% economic growth target set by the government for the whole year. However, it is difficult to achieve this goal, which means that the Philippine GDP needs to grow by at least 7.2% in the fourth quarter.
According to Arsenio Balisacan, director of the National Economic and Development Authority of the Philippines, achieving the full-year economic growth target is "still feasible." He explained that inflation was the main factor contributing to the slowdown in household consumption growth. The Philippine inflation rate has dropped to 4.9% in October. As inflation eases, the pace of economic growth will also accelerate.
In the third quarter, Philippine government expenditures showed strong growth, with a growth rate 6% points higher than the same period last year and 13.8% points higher than the previous quarter. The contribution rate to economic growth in the third quarter reached 36%. Balisakan believes that the rising momentum of government spending is expected to help the country achieve faster economic growth in the fourth quarter.
Data shows that in the third quarter, the country's industrial and service industries grew by 5.5% and 6.8% year-on-year respectively, which is the main driving force for economic growth. In terms of trade, exports increased by 2.6% year-on-year and imports contracted by 1.3%. Affected by inflation, household consumption growth slowed down in the third quarter, with the growth rate falling to 5% from 8% in the same period last year.
In the first three quarters of this year, the Philippines' economic growth rate was 5.5%, which is still lower than the 6%-7% economic growth target set by the government for the whole year. However, it is difficult to achieve this goal, which means that the Philippine GDP needs to grow by at least 7.2% in the fourth quarter.
According to Arsenio Balisacan, director of the National Economic and Development Authority of the Philippines, achieving the full-year economic growth target is "still feasible." He explained that inflation was the main factor contributing to the slowdown in household consumption growth. The Philippine inflation rate has dropped to 4.9% in October. As inflation eases, the pace of economic growth will also accelerate.
In the third quarter, Philippine government expenditures showed strong growth, with a growth rate 6% points higher than the same period last year and 13.8% points higher than the previous quarter. The contribution rate to economic growth in the third quarter reached 36%. Balisakan believes that the rising momentum of government spending is expected to help the country achieve faster economic growth in the fourth quarter.
