The Philippine economy grew 7.1 percent in the third quarter, following a 12-percent expansion in the second quarter, the Philippine Statistics Authority said Tuesday.
Source: Philippine Statistics Authority
Data showed that the gross national income also grew 2.8 percent in the third quarter, slower than the revised 6.8 percent in the previous quarter.
Economic Planning Secretary Karl Kendrick Chua said the gross domestic product growth in the third quarter was among the fastest in the ASEAN and East Asian regions.
"We expect to sustain this in the fourth quarter due to faster vaccination program," Chua said in an online briefing.
Chua said GDP growth in the first three quarters averaged 4.9 percent, near the upper end of the target range of 4 percent to 5 percent for the year.
"On a seasonally-adjusted basis, GDP posted positive quarter-on-quarter growth rate of 3.8 percent. GNI recorded 1.6 percent quarter-on-quarter growth rate in the third quarter of 2021," National Statistician and Civil Registrar General Dennis Mapa said.
Mapa said the main contributors to the 7.1-percent GDP expansion in the July to September period were wholesale and retail trade, repair of motor vehicles and motorcycles, 6.4 percent; manufacturing, 6.3 percent; and construction, 16.8 percent.
Among the major economic sectors, industry and services posted positive growths of 7.9 percent and 8.2 percent, respectively. The agriculture, forestry and fishing subsector posted a contraction of 1.7 percent in the third quarter/
The PSA said that on the demand side, household final consumption expenditure grew by 7.1 percent in the third quarter. Gross capital formation or investments improved by 22.0 percent while government final consumption expenditure increased 13.6 percent. Exports and imports were up 9.0 percent and 13.2 percent, respectively.