The Philippine economy experienced faster expansion in the third quarter, driven by increased government spending amid sluggish domestic consumption due to high inflation.
According to data from the Philippine Statistics Authority (PSA), the local economy grew by 5.9%, surpassing the 4.3% growth in the previous quarter.
The year-to-date average growth stands at 5.5%, but more efforts are needed to meet the government’s target of 6% to 7%.
The National Economic and Development Authority (NEDA) Secretary, Arsenio Balisacan, highlighted that the Philippines achieved the fastest growth among major emerging Asian economies.
While public spending improved by 6.7% in the July-September period, domestic consumption grew at a weaker rate of 5% due to food inflation.
Balisacan emphasized the need to curb inflation and sustain momentum in order to meet growth targets.
Source: PhilNews24 | November 11, 2023
