Philippine economy expands by 7.1 pct in Q3

MANILA, Nov。 9 (Xinhua) —— The Philippine economy grew by 7。1 percent year-on-year in the third quarter, down from 12 percent in the second quarter, the Philippine Statistics Authority (PSA) said Tuesday。

In a virtual press conference, PSA head Dennis Mapa said the main contributors to the third-quarter gross domestic product (GDP) growth were wholesale and retail trade, repair of motor vehicles and motorcycles, manufacturing, and construction。

Among the major economic sectors, Mapa said industry and services posted positive growths of 7。9 percent and 8。2 percent, respectively。 Meanwhile, agriculture, forestry, and fishing contracted 1。7 percent in the third quarter。

Mapa said growths were recorded in gross capital formation, 22。0 percent; government final consumption expenditure, 13。6 percent; exports, 9。0 percent; and imports, 13。2 percent。

The Philippine economy returned to year-on-year growth in the second quarter this year, exiting a recession triggered by the COVID-19 pandemic since 2020。

Socioeconomic Planning Secretary Karl Kendrick Chua said the Philippines contained the Delta-driven COVID-19 surge during the third quarter and sustained the economic expansion even stringent quarantine restrictions were in place。

Chua said the third-quarter GDP growth is up from -11。6 percent in the same period last year。 “This is among the highest third-quarter growths in the ASEAN and East Asian region,” he said at the same press conference。

“We are on track to reach the high-end of our 4 to 5 percent growth target for 2021,” Chua said。

The Philippines now has over 2。8 million confirmed COVID-19 cases, including 44,521 deaths。 Enditem

Philippine economy expands by 7.1 pct in Q3

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