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[av_heading heading=’Econ growth accelerates, outdoes estimates for Q3′ tag=’h3′ style=’blockquote modern-quote’ size=” subheading_active=’subheading_below’ subheading_size=’15’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”][/av_heading]
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REUTERS
Laborers work at a construction site of a new expressway in Metro Manila, as motorists pass by below them.
MANILA – The economy grew 6.9 percent in the July to September period, beating expectations and accelerating from the previous quarter, official data released Thursday showed.
This makes the Philippines Asia’s second-fastest growing economy in Asia, next only to Vietnam, in the third quarter, Socioeconomic Planning secretary Ernesto Pernia said.
“That’s spectacular growth after an election year,” Pernia said.
The third quarter growth compared to the 6.7 percent expansion in the second quarter and 7.1 percent during the same period in 2016.
The median forecast of a Bloomberg poll predicted third quarter GDP growth at 6.5 percent, while a Reuters survey placed it at 6.5 percent.
Pernia said the economy was on track to meet its full year growth target of 6.5 to 7.5 percent.
“We attribute the country’s growth performance to sustained growth in exports,” Pernia said, adding net exports grew “very fast” during the third quarter.
Government’s plan to build new roads, railways and airports will “ratchet up” public spending, he said.
“We are now seeing a sustained improvement in government spending in the run-up to our massive infrastructure program, ‘Build, build, build’ which will continually unfold in the months ahead,” he said. (ABS-CBN News)
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