Gov’t: PH grew 6.9% in Q3, not 7%

Rappler.com
Third-quarter 2013 GDP data were revised ahead of the announcement of economic data for the succeeding quarter

MANILA, Philippines – The government revised downward the country’s gross domestic product (GDP) growth for the third quarter of 2013.

In a statement on Wednesday, January 29, the National Statistical Coordination Board (NSCB) said the Philippines grew 6.9% in July to September 2013, slower than the 7% the agency had announced.

“Other services was the largest contributor to the downward revision,” noted NSCB.

The revision brought the country’s average growth for the first 9 months of last year to 7.4%, above the government’s official target of 6%-7%.

Third-quarter growth eased from the 7.7% and 7.6% rates recorded in the first and second quarters, respectively, as losses from a series of storms weighed.

The government said growth likely slowed down further in the fourth quarter because of the massive destruction caused by Super Typhoon Yolanda (Haiyan).

The government will release fourth-quarter GDP data on Thursday, January 30. – Rappler.com

 

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