PH GDP growth slows to 6.1% in Q3

The Philippine economy grew by 6.1 percent in the third quarter, slower than a quarter ago as well as a year ago.

The gross domestic product (GDP) growth rate during the July to September period was lower than the adjusted 6.2 percent in the second quarter, the Philippine Statistics Authority (PSA) reported Thursday.

It also fell below the 7.2 percent year-on-year growth in the third quarter of last year, based on the latest PSA time series data.

The government targets full-year GDP growth of 6.4-6.9 percent this year.

Last month, the Cabinet-level Development Budget Coordination Committee (DBCC) slashed this year’s GDP growth goal from 7-8 percent previously, which economic managers had attributed to a confluence of external developments, including the US-China trade war, higher global oil prices, as well as elevated interest rates. /muf