Philippines economy grows 5.9% in third quarter, beats forecast

Construction workers are pictured at the construction site of an apartment building in Pasay, Metro Manila in the Philippines May 22, 2017. (Reuters/Erik De Castro/File Photo)

 The Philippine economy grew 5.9% in the third quarter from a year earlier, the statistics agency said on Thursday, stronger than the previous quarter’s 4.3% expansion.

Analysts polled by Reuters had expected third quarter output to grow 4.7%.

On a quarter-on-quarter basis, gross domestic product expanded 3.3%, beating the 2.0% forecast in the same Reuters poll.

The main contributors to third quarter expansion were growth in wholesale and retail trade, repair of motor vehicles and motorcycles, financial and insurance activities, and construction, the Philippine Statistics Authority said.

The country’s has a 6%-7% GDP growth target for the year.

— Reporting by Mikhail Flores and Neil Jerome Morales

Genard Musay

Genard is a reporter who reports on the biggest breaking news stories of the day as well as doing investigations and original stories

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