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Philippines posts 7.6% GDP growth in Q3

The Philippines’ gross domestic product (GDP) grew at a faster-than-expected pace of 7.6% in the third quarter of 2022, according to the Philippine Statistics Authority (PSA).
Philippines posts 7.6% GDP growth in Q3 ảnh 1Streets in Manila, Phillippines. (Photo: AFP)

Hanoi (VNA) - The Philippines’ gross domestic product (GDP) grew at a faster-than-expected pace of 7.6% in the third quarter of 2022, according to the Philippine Statistics Authority (PSA).

The figure is much higher than the 6.1% median estimate of analysts polled by Bloomberg and BusinessWorld. It is also slightly higher than the 7.5% posted in the second quarter but lower than the 8.5% recorded in the first quarter.

Expansion in the third quarter puts the Philippines second in growth in Southeast Asian, behind Vietnam’s 13.67%.

The PSA attributed GDP growth in the third quarter to the service sector while household consumption and investment r💙emained the main drivers although inflation ♕has reduced families' incomes.

President Ferdinand Marcos Jr’s economic team is aiming for GDP to expand between 6.5% and 7.5% this year.

Socioeconomic Planning Secretary Arsenio Balisacan said in a recent press briefing that the Philippine government is likely to hit its GDP target and growth in the fourth quarter must be between 3.3% and 6.9%. However, he also warned that the country still faces a heavy burden from high inflation stemming from external risks and the aftermath of rec♏ent typhoons./.

VNA

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