Philippines Posts Strongest Economic Growth in Asia at 7.1%

The Philippine economy grew at its fastest pace in three years last quarter, underscoring the nation’s resilience to global risks as investment surged and consumers spent more.

    The Philippine economy grew faster than expected at 7.1% in the third quarter, making it more likely for the government to meet its annual growth target, officials said Thursday.

    The gross domestic product (GDP) growth was up from 6.2% in the same July-September period in 2015 and 7% in the second quarter of this year, the National Economic Development Authority said.

    For the fourth quarter, the country only needs to attain at least 3.4% growth to attain the low-end target of 6%. To reach the high-end target of 7%, the country needs to grow by 6.9% in the fourth quarter.

    A recovery in the agriculture sector, which grew 2.9% in the third quarter after five consecutive quarters of decline, helped boost the domestic economy.

    Growth in the industry sector improved to 8.6%, mainly due to strong performances in manufacturing and construction. Services growth eased to 6.9%, amid a slowdown in the communications sub-sector.