Philippine GDP grows 6.3% in third quarter
MANILA, Philippines (AP) - The Philippine economy grew by more than 6 percent in the third quarter of this year, sustaining strong growth boosted by surprisingly robust agricultural production and other factors, officials said Monday.
Gross domestic product rose by 6.3 percent in the July-September quarter, up from 4.8 percent in the same period a year ago, beating government and private economists' expectations.
A poll of seven economists by Dow Jones Newswires had projected 6 percent growth in the quarter.
The forecasts ranged from 5.7 percent to 6.5 percent, in line with the government's 6 percent growth expectations.
"We are pleased with the strong GDP growth of 6.3 percent in the third quarter,'' said Economic Planning Secretary Romulo Neri.
"This brings GDP growth to 6.5 percent for the first three quarters after taking into account the upward revision in the second quarter growth to 6.6 percent from the previous estimate of 6.3 percent.''
All sectors of the economy - agriculture, services and industry - grew at a stronger pace in the third quarter compared to the same period last year.
Farm output rose 7.9 percent, services climbed 7.1 percent, and industry expanded 4.5 percent.
Net exports rose 4.9 percent in the third quarter from a year ago.
President Gloria Macapagal Arroyo, who is in Laos for a Southeast Asian leaders' summit, issued a statement welcoming the better-than-expected economic growth, saying it comes "notwithstanding the challenges the country faced since the beginning of the year, such as the steep climb in world oil prices and our efforts to move toward fiscal consolidation.'' - AP
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