Philippines Q3 GDP growth slows to 6.1% due to weaker capex, consumption
MANILA, NNA – The Philippines’ economic growth came in weaker than expected in the third quarter, decelerating slightly to 6.1 percent on year due to smaller gains in business investment and private consumption, official data showed Thursday.
The seasonally adjusted growth in the gross domestic product in the July-September period slowed from an upwardly revised 6.2 percent in April-June. The initial second-quarter GDP growth was 6.0 percent, a near three-year low.
The median forecast of 12 economists polled by Reuters was 6.3 percent growth for July-September.