Philippine economic growth (Source: philstar)Hanoi (VNA) – The Philippine economy grew by6.9 percent in the third quarter of 2017, making it the second fastest-growingeconomy in Asia.
The year-on-year growth rate, which was above the 6.5percent forecast in a Reuters poll and outpaced China’s 6.8 percent increase inthe same period, was driven by strong industrial and services output.
However, the quarter-on-quarter growth of 1.3 percent wasbelow the 1.6 percent forecast in the Reuters poll and weaker than the previousquarter’s upwardly revised 2.0 percent.
Socio-economic Planning Secretary Ernesto Pernia said he wasoptimistic about the possibility of achieving the Government’s 6.5-7.5 percentgrowth target for 2017 thanks to higher state spending and improving exportsand farm output.
Among the country’s key sectors, industry recorded thehighest growth rate of 7.5 percent, followed by services with 7.1 percent.However, the agricultural sector only rose by 2.5 percent, lower than the 3percent of the second quarter.-VNA
VNA
