The local economy ended the third quarter of 2017 with an upbeat note boosted by strong momentum of the export sector and increased public spending, official data showed.
In the period, the Philippine economy registered 6.9 percent growth versus the 6.7 registered in the previous quarter, based on Philippine Statistics Authority, as measured by its gross domestic product (GDP).
“We attribute the country’s growth performance to sustained growth in exports—our net export, exports minus imports—grew very fast during the third-quarter, improvement in public spending which boosted the manufacturing sector and the services sector,” Socioeconomic Planning Secretary Ernesto Pernia said in a media briefing earlier.
“On the demand side, or expenditure side, sustained recovery of public spending boosted growth during the quarter. Public consumption was up by 8.3 percent on account of higher spending on personal services,” he added.
Pernia was optimistic with the solid pace of the Philippine economy, stressing it could meet the government’s growth target of 6.5 percent to 7.5 percent in 2017.
However, the data saw the local GDP dipped to 6.6 percent against the 7 percent in the same period in 2016.