Philippines third-quarter economy grows at fastest pace in a year

Reuters

Published Nov 15, 2017 09:45PM ET

Philippines third-quarter economy grows at fastest pace in a year

MANILA (Reuters) - The Philippine economy clocked solid growth in the third quarter, topping forecasts and expanding at its fastest pace in a year, supported by strong industrial output and services, the statistics agency said on Thursday.

Gross domestic product rose 6.9 percent in the third quarter from a year earlier, the statistics agency said on Thursday, picking up from the upwardly revised 6.7 percent pace in the second quarter.

It was above the 6.5 percent forecast in a Reuters poll.

The Southeast Asian nation is among the fastest growing economies in Asia, expanding more than 6 percent for nine consecutive quarters.

But challenges remain, such as a weak peso at a near 11-year low and potential risk from any delay in President Rodrigo Duterte's ambitious infrastructure overhaul.

Growth on a quarterly basis, however, cooled at 1.3 percent compared with the previous quarter's upwardly revised 2.0 percent and slower than the 1.6 percent forecast in a Reuters poll.

"We are on track to meeting the full-year target range (of 6.5-7.5 percent)," Socio-economic Planning Secretary Ernesto Pernia said in a media briefing.

Like its peers in Asia, the Philippines is benefiting from the steady rebound in exports, which were up 12.2 percent in the nine months to September.