November 28, 2013

Philippines Economy 7% in Q3 2013

The Philippines third quarter Gross Domestic Product (GDP) growth slow down to 7% based on data released by the government. The second quarter (revised) GDP growth is 7.6%.

The economic performance of the Philippines remains impressive. The economy is continuesly pushed by consumer demand brought about, mostly, by income coming from the service sector. Private and government construction projects contribute as well to the growth of the economy coupled with good macroeconomic fundamentals and bank stability.

Philippine Economist forecast for third quarter 2013 is 7.1% (see article: "On High Level: Philippines Second Half Growth Forecast"). The 2013 fourth quarter forecast was adjusted from previous 7.3% to 7.2% due to damaged brought about by typhoon Yolanda.

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