Philippine economy grew 6.2% in the third quarter

November 7, 2019

Philippine third quarter growth reached 6.2 percent from six percent in the same period last year, the Philippine Statistics Authority ( PSA) said Thursday. 

Second quarter growth amounted to 5.5 percent.

This came after gross domestic product decelerated for two quarters.

''This brings the year-to-date economic growth to 5.8 percent, just slightly below the lower-end of the 6.0-7.0 percent full-year 2019 growth target of the government set by the DBCC ( Development Budget Coordinating Committee),'' said Socioeconomic Planning Secretary Ernesto Pernia.

''This means that the Philippine economy will have to expand by at least 6.7 percent in the last quarter of the year to meet the low-end of the full-year target of 6.0-7.0 percent for 2019—a challenge that we are confidently taking on,'' added Pernia.

Among major economic sectors, services posted the fastest growth with 6.9 percent. industry grew by 5.6 percent. agriculture registered a growth of 3.1 percent, the PSA said. DMS