GDP growth of over 7% seen for 3rd quarter

AP FILE PHOTO

MANILA—The Philippine economy is expected to have grown by more than 7 percent in the third quarter of the year compared with the same period last year, the government’s chief economist said Tuesday.

Arsenio Balisacan, director general of the National Economic and Development Authority, told reporters Tuesday that a combination of higher investments and strong household consumption were the mostly likely factors for the expansion.

GDP growth was 7.7 percent in the first quarter and 7.5 percent in the second quarter, bringing the average expansion rate for the first half of the year to 7.6 percent.

The Philippines’ growth rate in the first half was the same as that of China and was the highest in Asia.

The Philippine government has set the official growth target for the full year at between 6 and 7 percent.