Financial News: Philippine GDP Growth Accelerates In Q3

Philippine GDP Growth Accelerates In Q3

11/08/2023 - 23:08:00 (RTTNews)

(RTTNews) - The Philippine economy grew at a faster pace in the third quarter driven by consumption and exports, the Philippine Statistics Authority said Wednesday.

Gross domestic product posted an annual growth of 5.9 percent, faster than the 4.3 percent expansion seen in the second quarter. The rate was forecast to improve moderately to 4.7 percent.

The economy rebounded 3.3 percent on a quarterly basis after shrinking 0.7 percent in the second quarter. The rate was also better than the expected 2.0 percent rise.

On the demand side, household spending grew 5.0 percent in the third quarter. Similarly, government consumption moved up 6.7 percent and exports gained 2.6 percent.

On the other hand, gross capital formation, and imports of goods and services logged a contraction of 1.6 percent and 1.3 percent, respectively.

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