Economic Growth Picks Up To 6.2% In Q3
Philippine economic growth picked up to 6.2% in the third quarter, an improvement from the slowdown recorded during the first two quarters of the year, data released by the Philippine Statistics Authority (PSA) on Thursday revealed.
The third quarter of 2019 concluded with a positive mark for the Philippine economy. It grew to 6.2% from 5.5% in the previous quarter, showing signs of recovery from the weak expansions in the first half of the year. While the overall growth rate for the entire nine months sums up to a considerably good figure – 5.8%, it still falls short from the government’s 6% to 7% target.
To achieve the desired economic growth for the entire year, the economy must hit 6.7 in the last quarter. And according to the Socioeconomic Planning Secretary Ernesto Pernia, this figure was “very achievable.” He added that the economy is surging and the momentum will continue to reach that.”
Based on historical data, The Philippine economy sees faster growth in the final quarter as remittances from 10 million OFWs help power a Christmas spending splurge.
Despite the optimism, Pernia noted that there are obstacles (external factors) that could imperil growth. The trade war between the US and China is not only a threat to the Philippines but the whole global economy, he remarked.