The country’s economic growth posted a growth of 5.9 percent in the July to September period, according to the Philippine Statistics Authority (PSA).
With this, the country’s growth averaged 5.5 percent, just five percentage points shy from the low-end of the government’s full year target.
The national government, through the Development Budget Coordination Committee (DBCC) is targeting a growth of 6 to 7 percent in 2023.
The PSA said the main contributors to the third quarter 2023 growth were Wholesale and retail trade; repair of motor vehicles and motorcycles, 5 percent; Financial and insurance activities, 9.5 percent; and Construction, 14 percent.
In terms of major economic sectors, Agriculture, forestry, and fishing, Industry, and Services all posted positive growths in the third quarter of 2023 with 0.9 percent, 5.5 percent, and 6.8 percent, respectively.
On the demand side, Household final consumption expenditure (HFCE) grew by 5 percent in the third quarter of 2023. This is the slowest growth since the first quarter of 2021 when HFCE contracted 4.8 percent.
Similarly, Government final consumption expenditure (GFCE), and Exports of goods and services posted growths of 6.7 percent and 2.6 percent, respectively.
Meanwhile, Gross capital formation, and Imports of goods and services posted a contraction of 1.6 percent and 1.3 percent, respectively.
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