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.
Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)
The #1 outsourcing authority
Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.
The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 900+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.
About Derek Gallimore
Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.
Outsource Accelerator In The MediaSee all media mentions
- Outsourcing industry “absolutely booming”
- Outsourcing industry recovery could be starting, survey indicates
- Doom or boom faces the IT-BPM industry (part 2)
- Bright future for outsourcing
- The Chinese Antidote to a Covid-battered Philippines
- The Philippine IT BPM Industry: Your Tool for Business Recovery and Continuity
- BPO industry in Philippines seen benefitting as firms abroad cut costs due to pandemic