Philippine Economy Slows Down in Third Quarter Growth

Forex - The Philippine economy grew at a slower pace in the third quarter compared to the previous period, yet managed to surpass sharper slowdown expectations. According to the Philippine Statistics Authority, the country's gross domestic product (GDP) increased by 5.2% year-on-year during the July-September period. Market expectations were for a decline to 5.7%, down from a revised 6.4%, which was previously 6.3%.

In comparison to the previous quarter, seasonally adjusted growth in the third quarter was recorded at 1.7%. The data showed that the output of the service sector, which includes trade in goods and comprises more than half of the overall economy, increased by 6.3% compared to a year earlier. The industrial sector, including manufacturing and construction, grew by 5.0%, while the agricultural sector contracted by 2.8%.

The Bangko Sentral ng Pilipinas (BSP) lowered its policy rate for the second time in October this year, aiming to support the economy.