The Philippine economy grew 7.1 percent in the third quarter of the year on the back of “careful balancing” by the government of Filipinos health and economic needs, according to the National Economic and Development Authority (Neda).
Philippine Statistics Authority (PSA) data showed GDP grew faster than the contraction of 11.6 percent in the July to September period last year but was slower compared to the 12 percent growth posted in the second quarter this year.
“With strong third-quarter growth and overall performance in 2021, we are on track to reach the high-end of our 4 to 5 percent growth target for 2021. Year-to-date growth is currently at 4.9 percent,” Socioeconomic Planning Secretary Karl Kendrick T. Chua said in a briefing on Tuesday.
The growth of the economy in the third quarter was within expectations of local economists who said that while GDP growth will be robust, it will not be near the 12 percent posted in the second quarter of the year. (See: https://businessmirror.com.ph/2021/11/03/factory-rebound-seen-to-boost-growth-in-q3/)
Read full article on BusinessMirror