Philippine GDP Growth Exceeds Expectations In Q3
2021年11月9日 - 10:40AM
RTTF2
The Philippine economy grew more than expected in the third
quarter on robust household spending and investment, data from the
Philippine Statistics Authority revealed on Tuesday.
Gross domestic product grew 7.1 percent on a yearly basis in the
third quarter, faster than the expected growth of 4.8 percent. But
the pace of growth slowed from the 12.0 percent expansion
registered in the second quarter.
On a quarterly basis, GDP was up 3.8 percent, which was also
bigger than the expected rate of 1.2 percent.
The government targets to achieve 4-5 percent growth target the
full year of 2021.
On the demand side, household consumption grew 7.1 percent and
government spending gained 13.6 percent annually in the third
quarter. Gross fixed capital formation logged a sharp growth of 22
percent.
At the same time, exports and imports rose 9.0 percent and 13.2
percent, respectively.
Among the major economic sectors, industry and services posted
positive growth of 7.9 percent and 8.2 percent, respectively.
Meanwhile, agriculture, forestry, and fishing posted a contraction
of 1.7 percent.
GDP figures were much stronger than expected and output is set
to jump again in the fourth quarter following a sharp drop in virus
cases and the further easing of restrictions, Alex Holmes, an
economist at Capital Economics, said.
That said, even after rapid growth in the second half of this
year, the recovery will still have a long way to go, and the
economy will remain in catch-up mode throughout 2022, the economist
added.
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