By Leslie D. Venzon
MANILA, Nov. 27 (PNA) — The Philippine economy accelerated by 5.3 percent in the third quarter of 2014 from seven percent during the same period last year, mitigated by the lingering effect of powerful typhoon ‘Yolanda’ on agriculture sector.
The July to September figure brought average three-quarter growth to 5.8 percent, lower than the government’s 6.5 percent to 7.5 percent gross domestic product (GDP) target for 2014.
In a press briefing, Socioeconomic Planning Secretary Arsenio Balisacan said a 6.8-percent growth in the fourth quarter is “very doable” given the expected pickup in government spending and sharp increases in business expectations.
The Philippine Statistics Authority (PSA) on Thursday reported that the entire agriculture sector mainly pulled down the GDP growth, decelerating by 2.7 percent in the third quarter, the lowest since fourth quarter of 2009.
The industry sector also slowed down to 7.6 percent, slightly lower than the previous year’s 7.7 percent.
”The services sector decelerated to 5.4 percent but remained the main driver of GDP growth for the quarter,” the PSA said. (PNA)