6.1% GDP growth below government target
Owing to rising inflation Philippine economic growth slowed to 6.1% in the third quarter amid weak consumer spending. On Thursday the Philippine Statistics Authority (PSA) reported that the current gross domestic product (GDP) reading fell below the government’s 6.5 to 6.9% target for the year. It’s the slowest growth rate since the 6% GDP recorded in the second quarter of 2015. PSA said the latest reading is lower than the revised 6.2% in the second quarter. Despite the economy’s slowdown in the July-September period, Philippine Socioeconomic Planning Secretary Ernesto Pernia said the country remains one of the fastest-growing economies in Asia with Vietnam at 7 %, China at 6.5 %, and ahead of Indonesia at 5.2 %. He said it suggests that the Philippines is now on a higher growth trajectory.
