The Philippine Statistics Authority (PSA) announced on Thursday that the country’s Gross Domestic Product (GDP) growth for period ending in September was at 7.1 percent. This was the fastest GDP growth since June 2013.
Here are three fast facts on the Philippines reaching 7.1 percent GDP growth in Q3.
1. Growth was driven by the sectors in manufacturing, trade, and real estate, renting and other business activities.
The PSA said that services, however, was the only sector that posted a lower growth of 6.9 percent in the third quarter compared to the 7.2 percent growth last year. The industry sector has the highest acceleration of 8.6 percent growth compared with 6.1 percent in 2015.
Agriculture has the bounced back after five consecutive declines. Policy and Planning Undersecretary Rosemarie G. Edillon said that the rebound of this sector is one of the major goals of the administration.
“From the supply or production side, we are happy to note the recovery signs of agriculture, which is one of the major development priorities of this administration,” GMA News reported Edillon, as saying.
2. The posted growth is even higher than the expected and projected market expansion.
The country’s GDP is even higher than China’s 6.7 percent, Vietnam’s 6.4 percent, Indonesia’s 5.0 percent, and Malaysia’s 4.3 percent. “We are the fastest-growing among major Asian emerging economies that have already released data for the quarter,” Edillon said.
3. Edillon said that it will not be hard anymore to reach the high-end target of 7.0 percent.
The country’s Gross National Income (GNI) also grew by 6.3 percent. Both the GDP and the GNI are important indicators of the economy of the Philippines.
Edillon said that investments will continue to drive growth in the country.
“The economic growth for this quarter is a very good sign of things to come,” Rappler reported Director Reynaldo R. Cancio of the National Economic and Development Authority (NEDA), as saying.
What do you think of the GDP growth of the Philippines for the third quarter? Let us know in the comments section below.