PH economy up 7.6% in Q3
The Philippines’ economy expanded to 7.6% during the third quarter, accelerating faster than the revised 7.5% growth in Q2 and seven per cent growth in Q3 2021.
Surprised by the results, Socioeconomic Planning Secretary Arsenio Balisacan said, “Despite the surge in consumer prices in recent months and also the increases in interest rates, the performance of the economy could have been higher in the third quarter, if not for those developments,”
“Nonetheless, the 7.7% [nine-month] performance is very respectable,” he added.
This is the first time in the year that the country’s Gross Domestic Product (GDP) growth averaged 7.7%. It also puts the nation as the second highest in Southeast Asia for the July to September period.
Department of Finance Secretary Benjamin Diokno said, “The better-than-expected third-quarter economic performance reflects the many good economic news lately… Overall, the recovery is gaining strong traction.”
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