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Philippine economy sees higher expansion in Q3

After two quarters of deceleration, the Philippine economy expanded 6.2 percent in the third quarter of 2019, according to the Philippine Statistics Authority (PSA).
Hanoi (VNA) - After two quarters of deceleration, the Philippine economy expanded6.2 percent in the third quarter of 2019, according to the PhilippineStatistics Authority (PSA).

PSAhead Claire Dennis Mapa reported gross domestic product (GDP) growth of 6.2percent from 5.6 percent in the first quarter and a slightly faster than 5.5percent in the second quarter.

Amongthe major economic sectors, Mapa said services posted the fastest growth with6.9 percent. Industry grew by 5.6 percent, while agriculture, hunting, forestryand fishery registered a growth rate of 3.1 percent, he said.

SocioeconomicPlanning Secretary Ernesto Pernia said the 6.2-percent growth in the thirdquarter brings the year-to-date economic growth to 5.8 percent, just slightlybelow the lower-end of the 6.0 to 7.0 percent 2019 target.

Thismeans that the Philippine economy will have to expand by at least 6.7 percentin the last quarter of the year to meet the low-end of the full-year target,said Pernia.

In the Asian Development Outlook (ADO) 2019, the AsianDevelopment Bank (ADB) revised its forecast for Philippine GDP growth to 6.0percent in 2019 and 6.2 percent in 2020, against its previous forecast of 6.4percent for both years./.
VNA
#Philippine Statistics Authority (PSA) #the Philippine economy #Philippines' GDP #Asian Development Outlook (ADO) 2019 #Asian Development Bank (ADB) #Vietnam #Vietnam news #Vietnam News Agency Philippines
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