The Philippine economy expanded by 6.5 percent in the third quarter from 0.2 percent in the same period last year due to high confidence of investors’ and consumers in a regime of benign inflation, according to the National Statistical Coordination Board (NSCB).
The NSCB also revised the gross domestic product (GDP) in the second quarter to 8.2 percent from an earlier 7.9 percent growth.
The economy grew 7.5 percent in the first nine months of the year.
Romulo A. Virola, NSCB secretary general, told reporters that the honeymoon third quarter growth for President Aquino is the highest when compared with 0.4 percent for President Ramos, negative 0.7 percent for President Estrada, and 1.3 percent and 5.6 percent for the first and second terms, respectively, of President Arroyo.
Virola said that services regained the driver seat as the prime mover of economic growth with the robust performances of trade, ownership of dwelling and real estate, private services and finance.
Industry, on the other hand, failed to sustain its remarkable performance during the first semester even as manufacturing continued its recovery in response to the improved domestic and external demand, and private sector-led construction activities almost doubled from a year ago.
"The fourth consecutive quarter of El Niño-driven decline in agriculture, the diminished spending by the government, and the substantial deceleration of mining and quarrying contributed to the slowdown in economic growth," Virola said. - PNA
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Topic: The Philippine economy expanded by 6.5 percent (Read 608 times)