Philippine president says economy grew 7.6% in Q3

Screengrab from Marcos FB live

MANILA-Philippines President Ferdinand Marcos Jr. said on Thursday his country’s economy expanded 7.6 percent in the third quarter from a year earlier, beating expectations, despite headwinds posed by soaring inflation.

Marcos made the announcement during a meeting with businessmen in Cambodia where he is attending the ASEAN summit, the office of the press secretary said in a Facebook post.

The official data will be released on Thursday at 0200GMT.

Analysts polled by Reuters had expected gross domestic product to grow 6.3 percent on an annual basis, below the previous quarter’s upwardly revised 7.5 percent growth.