According to PH economy grew by 5.9% in Q3 | Inquirer Business, The Philippine Statistics Authority (PSA) said on November 9 that the country's GDP expanded by 5.9 percent year over year in the third quarter, above market estimates and surpassing the 4.3 percent growth noted in the second quarter.
This increased the nation's average gross domestic product (GDP) growth for the year to 5.5%.
Arsenio Balisacan, the secretary of socioeconomic planning, according to PH economy grew by 5.9% in Q3 | Inquirer Business, stated at a news conference that the government has to expand by 7.2 percent in the last quarter of the year in order to meet at least the lower end of its projected growth rate of 6 to 7 percent for this year.
For a nation struggling with persistently high consumer costs, the most recent data was encouraging. It exceeded most estimates for GDP, which ranged from 4.3 to 4.9 percent.
According to PH economy grew by 5.9% in Q3 | Inquirer Business, average inflation between January and October reached 6.4%, much over the government's goal range of 2 to 4%. This is particularly hurting consumer spending, which is the backbone of the economy.
The third quarter's growth in household consumption was 5.5%, according to the data, which was less than the 5.5 percent rise in the previous quarter.
In an effort to control inflation, which is also stifling development, the Bangko Sentral ng Pilipinas (BSP) has started its most extreme tightening program in 20 years.
Currently, according to PH economy grew by 5.9% in Q3 | Inquirer Business, the BSP's consideration of the third quarter GDP statistic will be a crucial factor in determining whether more tightening is necessary once it meets on November 16th.
